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The program's requirement that all fiber routes be built by the end of 2018 was both motivating and pressure-filled for GTel, Midtel and their brethren.
Telecommunications services company VimpelCom Ltd (NYSE: VIP) announced on Monday that it will sell its entire indirect 49% stake in its Vietnamese joint venture with GTEL Mobile Joint Stock Company (GTEL Mobile).
The company has signed an agreement to sell its interest in GTEL Mobile to GTEL Transmit and Infrastructure Service One Member Company Limited for a purchase price of USD45m, as well as give up operational control of GTEL Mobile.
GTEL was founded in December 1998 and had 460,000 subscribers at the end of last year.
After a six-month transition period to the new owner, GTEL Mobile will cease using VimpelCom's Beeline brand, the vendor said.
The other participants in the joint venture are Global Telecommunications Corporation (GTEL), a Vietnamese state-owned enterprise, and GTEL TSC, a subsidiary of GTEL.
GTEL is the latest mobile operator to enter the Vietnamese market and its mobile services are expected to begin later this year.
Dutch-based VimpelCom (NYSE:VIP), the owner of Russian mobile operator VimpelCom, said it had struck a deal to boost its holding in its Vietnam's joint venture GTel Mobile to 49% from the current 40% through the latter's share issue.
In 2008, VimpelCom and Vietnamese GTel established a joint venture mobile operator - GTel Mobile (VimpelCom received a 40% stake and a preemptive right to acquire an additional 9% in the company), hoping to build on growth opportunities in a market with a population of 86 million and mobile penetration of just 30%.
TELECOMWORLDWIRE-24 March 2009-IBM to build network for GTEL in Vietnam(C)1994-2009 M2 COMMUNICATIONS LTD
As part of the agreement, VimpelCom will spend USD500m (EUR341m) on the venture's development by 2013 and will be later able to raise its stake in GTel Mobile to 65%.