For anyone who wondered why Russian mobile phone company VimpelCom (NASDAQ: VIP ) was providing telecom services in Cambodia ... it isn't. Or at least, it isn't anymore.
On Friday, VimpelCom announced that it has sold its entire stake in Cambodian telecom firm Sotelco Ltd. to its local partner, Mr. Huot Vanthan. In a statement, VimpelCom noted that the sale arose from a recent reassessment of all the operations VimpelCom was involved with, in order to determine which of these businesses had "future value to the Group." Cambodia, apparently, didn't make the cut, and has been sold.
Financial terms of the transaction were not disclosed.