Norway owned telecom company Telenor has further raised its stakes in Vimpelcom after it struck a &715 million deal with JP Morgan Securities last week,giving he group even more financial and voting rights in Vimpelcom.
After buying 65 million common shares from the bank, Telenor now owns 35.66 percent of Vimpelcom up from 31.67 percent, and 39.51 percent of the votes up from 36.36 percent before.
Telenor took back control of Vimplecom from Russian oligarch Mikhail Fridman’s Alfa Group after buying 234 million shares, boosting its ownership to 31 percent from just 25 percent.
It maybe recalled that Vimplecom, through a deal finalized last year, holds 51.7 percent stakes in Orascom telecom, the parent group of Mobilink.
With 35.66 percent stakes in Vimplecom, telenor group holds 18.44 percent economic rights in Orascom, or in Mobilink subsequently, a fully owned subsidiary of Orascom Telecom.
In simple words, 18.44 percent of profit from Mobilink goes into telenor’s pockets, in addition to 20.43 percent voting rights in the firm through its holding.