VimpelCom Lao Co., trading as Beeline, has officially entered an agreement to sell its 78% stake to the Government of Laos for gross proceeds of USD 22 million, making the Lao government the sole owner of the telecommunications company.
A source has confirmed that the sale of Beeline will be fully executed 120 days from signing. The change in ownership is said not to affect company operations, and the company will continue to operate under the Beeline brand.
The sale comes as Amsterdam-based Veon Ltd, owner of VimpelCom Lao, moves to sell off its non-core assets.
Transfer of ownership of VimpelCom Laos to the Government of the Lao PDR is pending the satisfaction of certain conditions, including receipt of necessary corporate and regulatory approvals.
As at 30 June 2017, VimpelCom Lao had 289,000 customers.