Deal to sell VimpelCom to require clearance of govt commission on foreign investment, Digital Development Ministry to back it - minister

MOSCOW. Nov 11 (Interfax) - Telecommunications holding VEON's planned deal to sell VimpelCom will require the approval of the subcommission of the government commission on foreign investment, and the Russian Digital Development, Communications, and Mass Media Ministry intends to support it, Digital Development, Communications, and Mass Media Minister Maksut Shadayev told journalists on the sidelines of the Finopolis forum.

"Of course, it will require [government commission approval]," Shadayev said in response to a question from Interfax.

"We will support [the deal]. Because we're for the company having all necessary abilities to operate on the Russian market. Because they have a complicated ownership structure, and they have restricted access to government procurements. Therefore, we're in favor of them grounding," he said.

VEON officially announced that it had begun searching for a buyer for VimpelCom on November 2. More detailed information on the upcoming deal was not given. The holding is still studying options to achieve the optimum result for all interested parties.

VimpelCom generates about more than half of VEON's revenue. The Russian asset's income increased 16.1% in the third quarter to $1.19 billion. At the same time, revenue fell 6.1% when converted to rubles to 70.7 billion rubles.