Russian operator VimpelCom has pulled out of Cambodia, selling its entire operation in the southeast Asian country to its local partner for an as-yet-unrevealed amount.
VimpelCom held a 90% stake in Sotelco, which trades as Beeline. The operator has a relatively low 597,000 subscribers, as compared to major players MetFone (9.56 million), Smart Mobile (4.3 million) and Cellcard (2.8 million).
The Russian operator’s CEO Jo Lunder stated: “We have previously outlined our Value Agenda within which our operations are reviewed to assess their future value to the Group. The decision to sell our interest in Cambodia is a result of this process.”
The firm had reportedly been considering divesting itself of several businesses since last year, having sought the advice of banks with regard to its operations in Cambodia, Zimbabwe, Central African Republic, and Laos. VimpelCom last year pulled out of Vietnamese operator GTEL Mobile, selling its 49% stake to its local partner.