VimpelCom considers offering its 51.9% stake in GTH in return for 12% of its own shares from Telenor
VimpelCom, Global Telecom Holding’s (GTH) [GLTDq.L] majority shareholder, is considering offering Telenor its 51.9% stake in GTH in return for 12% of VimpelCom shares owned by Telenor. Telenor currently owns 23.7% of VimpelCom, according to Telenor’s website, and had recently announced its plan to offer c8.1% of its stake in VimpelCom to the public. Based on yesterday’s closing prices, VimpelCom’s 51.9% stake in GTH is worth cUSD1bn, while Telenor’s 12% stake in VimpelCom is worth USD831mn. (Bloomberg) Global Telecom Holding: USD1.80 per GDR/ EGP7.33 per share as of 17 January 2017, Rating: Buy, TP: USD2.93 per GDR/ EGP10.48 per share, MCap: USD1,888mn, GLTD LI / GLTDQ.L
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