UPDATE 2-KT Corp to sell Russian unit to Vimpelcom for $346 mln

Пятница, 6 мая 2011 6:57 MSK

* Deal will help Vimpelcom secure subscribers in eastern Russia -KT

* KT says looking at overseas investment opportunities

* KT reports 62 pct jump in operating profit for Q1

* KT shares gain over 2 pct in broad market that was down 1.8 pct (Add analyst and KT comments, results, share price)

By Hyunjoo Jin

SEOUL, May 6 (Reuters) - KT Corp , South Korea's top fixed-line and No.2 mobile phone company, announced a $346 million sale of its Russian unit and a jump in quarterly profit on Friday, boosting its shares more than 2 percent.

KT said in a statement it has agreed to sell its entire 79.96 percent stake in mobile operator New Telephone Company (NTC) to Russian operator Vimpelcom for $346 million.

Last month, KT CEO Lee Suk-chae told Reuters that the carrier was in talks to sell the Russian unit, without elaborating. [ID:nL3E7FM01O]

KT said the acquisition would help Vimpelcom, Russia's No.3 mobile phone operator, secure a subscriber base in eastern Russia, where NTC is focused.   Продолжение...