Beeline Taken Over By Lao Government
VEON Ltd. , a leading global provider of connectivity and internet services headquartered in Amsterdam and serving more than 235 million customers, today announces that its wholly owned subsidiary, VimpelCom Holding Laos B.V., has entered into an agreement to sell its 78% stake in VimpelCom Lao Co. Ltd (VimpelCom Lao) to the Government of the Lao People’s Democratic Republic (Government of the Lao PDR) for gross proceeds of USD 22 million.
Following the sale, the Government of the Lao PDR will own 100% of the share capital of VimpelCom Laos.
The sale of VEON’s operations in the Lao PDR is consistent with the Group’s strategy to dispose of non-core assets. As at 30 June 2017, VimpelCom Lao had 289,000 customers.
Transfer of ownership of VimpelCom Laos to the Government of the Lao PDR is subject to the satisfaction of certain conditions, including receipt of necessary corporate and regulatory approvals.
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