Russian investor Altimo announced an agreement to sell 6 percent of its voting rights in Vimpelcom to Forrielite, a company based in Cyprus, whose beneficial owner is Oleg Kiselev, a Russian entrepreneur and investor in high technology businesses. Altimo expects to raise over USD 100 million from the sale of the 123.6 million preferred shares in VimpelCom. As a result of the sale, its stake in VimpelCom will drop below 25 percent, causing its shareholders pact with Telenor to terminate six months later. Altimo said it will not increase its stake in VimpelCom for twelve months, which is in line with the current shareholders agreement. Altimo also remains in line with the undertakings made to the High Court of England in the arbitration suit brought by Telenor, which requires the two shareholders to maintain at least 50 percent plus one share in Vimpelcom. Altimo earlier said it planned to reduce its stake in Vimpelcom, after the Russian operator acquired Italy's Wind and parts of Orascom Telecom. This is expected to help in the negotiations for a new shareholders agreement, including Orascom Telecom's Naguib Sawiris, who acquired an around 30 percent stake in Vimpelcom.
