Published November 09, 2012
MOSCOW – Telecoms operator Vimpelcom said on Friday its annual shareholder meeting will be held on December 21 provided that a Russian court lifts injunctions before the end of November.
The Moscow Arbitration Court in April imposed a ban on 2011 profit distribution by Vimpelcom's Russian unit, prompting the New-York listed company to defer dividend payment and postpone its AGM till December.
The injunctions are part of a lawsuit filed earlier in the year by Russia's Anti-Monopoly Service, contesting the dominant position of Norway's Telenor in Vimpelcom, whose Russian unit is considered by the state a strategic asset.
"In light of the injunctions ... the Supervisory Board has determined that if the injunctions are not lifted prior to November 27, 2012 it would be prudent to postpone the Shareholders Meeting," Vimpelcom said in a statement.
Russian billionaire Mikhail Fridman's Altimo increased its stake in Vimpelcom last month, overtaking Telenor and raising prospects for withdrawal of the anti-monopoly lawsuit. The court had set the date of November 27 for a hearing of the lawsuit. (Reporting by Maria Kiselyova; Editing by Megan Davies)