MOSCOW – Emerging markets telecoms operator Vimpelcom said on Monday it would receive around $1.4 billion for the conversion of its preferred shares by Russian shareholder Altimo into the ordinary shares.
Altimo, the telecoms arm of billionaire Mikhail Fridman's Alfa-Group, will convert 128,532,000 convertible preferred shares into common shares at a ratio of one preferred share for one common share, Vimpelcom said in a statement.
As a result, Altimo's economic interest in Vimpelcom will increase to 56.2 percent from 52.7 percent, while its voting stake, currently 47.9 percent, will remain unchanged.
Altimo has recently raised its voting stake in Vimpelcom, overtaking Norway's Telenor as the biggest shareholder, after years of tensions over control and strategy of the group.
(Reporting by Maria Kiselyova; Editing by Douglas Busvine)