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Velcom becomes a foreign company

Author: Mikhail Doroshevich

22/08/2007

According to Interfax, Belarusian GSM operator Mobile Digital Communications (MDC) (Velcom and Privet brands) has changed its judicial status having become a "foreign private unitary enterprise" after Cyprus company SB Telecom has become the owner of 100% MDC shares since August 22, 2007.

MDC's was initially registered as Belarus - Cyprus joint venture Ltd. with 49% SB-Telecom shares.

Earlier , at the press-conference held on April 12, 2007, Belarusian President said that state shares at BeST and Velcom could be sold. The state share at Velcom was evaluated as USD 300-500 mln.

Useful links:

Velcom
http://www.interfax.by/?id=33&id_sp=40188&d=22&m=08&y=2007&lang=ru (in Russian)

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Belarus Brief