In July 2008, Vimpel-Communications (VimpelCom) signed a joint venture and shareholders agreement to establish GTEL-Mobile with Global Telecommunications Corporation (GTEL), a Vietnamese state-owned enterprise, and GTEL TSC, a subsidiary of GTEL.
With the issuance of the GSM license and frequencies, GTEL-Mobile has now received all of the regulatory approvals required under the agreement, including the registration of the company.
VimpelCom is paying $267 million for its 40% equity interest in the GTEL-Mobile. GTEL and GTEL TSC will have an equity interest of 51% and 9%, respectively, in the GTEL-Mobile.
Alexander Izosimov, CEO of VimpelCom, said: The registration of GTEL-Mobile and the receipt of the GSM license and frequencies is the key milestone in the building of our Vietnamese business. Now, with all the procedural issues solved, we can focus all our efforts on the network rollout and the preparation of commercial launch.
