VimpelCom receives operating license
26-SEP-2008 Intellasia | Cellular News
Sep 26, 2008 - 7:00:00 AM
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Russia's VimpelCom says that its joint venture company in Vietnam, GTEL-Mobile has received a GSM license and frequencies. As previously reported, in July 2008 VimpelCom signed a Joint Venture to establish the company with Global Telecommunications Corp ("GTEL"), a Vietnamese state-owned enterprise, and GTEL TSC, a subsidiary of GTEL.
VimpelCom is paying US$267 million for its 40% equity interest in the Joint Venture Company. GTEL and GTEL TSC will have an equity interest of 51% and 9%, respectively, in the Joint Venture Company.
Alexander Isosimov, 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. The experience that our team has already gained in Vietnam will help us to work effectively going forward and to take advantage of all the opportunities the Vietnamese market offers."
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