Telenor Group, in a latest development, has bought 234,000,000 VimpelCom preferred shares from Weather Investments for US$374,400,000, to increase its voting rights at VimpelCom from 25.01 percent to 36.36 percent and to become majority stake holder in VimpelCom, said a statement issued by the Telenor Group.
Just to recall, Mr. Naguib Sawiris and his family last year bought 29.63 percent stakes in VimpelCom through Weather Investments in exchange of Orascom Telecom.
Weather’s shares in VimpelCom, after this transaction, will come down to 18.28 percent.
In connection with this new buyout of shares, Telenor has withdrawn all its claims against Altimo Holdings & Investments Ltd., Altimo Cooperatief...