MOSCOW Dec 24 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.