ID :
180286
Fri, 05/06/2011 - 03:42
Auther :
Shortlink :
https://www.oananews.org//node/180286
The shortlink copeid
KT to sell Russian unit for US$346 mln
SEOUL (Yonhap) - South Korea's telecom titan KT Corp. said Friday that it has agreed to sell its entire stake in its Russian unit, New Telephone Company (NTC), for US$346 million to a Russian telecom company.
VimtelCom Ltd., Russia's third-largest mobile phone service provider, will purchase the 79.96-percent stake from KT as the Russian company seeks to expand to eastern Russia, KT said in a statement.
KT, which acquired the stake in NTC in 1997 for $22 million, said the proceeds from the deal will help step up overseas investments in Latin America, Africa, and Central and Eastern Europe.
NTC, which has 1.5 million subscribers, posted $110 million in annual revenue and $25 million in net profit in 2010.
VimtelCom Ltd., Russia's third-largest mobile phone service provider, will purchase the 79.96-percent stake from KT as the Russian company seeks to expand to eastern Russia, KT said in a statement.
KT, which acquired the stake in NTC in 1997 for $22 million, said the proceeds from the deal will help step up overseas investments in Latin America, Africa, and Central and Eastern Europe.
NTC, which has 1.5 million subscribers, posted $110 million in annual revenue and $25 million in net profit in 2010.
