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Norwegian Telenor profits on Russian investment

Norwegian Telenor has seen its money to multiply in Russia where the company owns 30 percent of the Russian cell phone company VimpelCom.

If the Norwegian telecommunications giant decided to sell its stock in the Russian cell phone company it would get a profit of NOK 8 million (USD 1,140,000). VimpelCom currently has more than 8 million customers, but the potential is massive as Russia has a population of 150 million.

“Regarding this success, I think we were at the right place at the right time,” said Dag Vangsnes, CEO in Telenor to the Norwegian television channel NRK. “We entered VimpelCom at the right time, and we put in the resources necessary to change a partly negative trend.”

Jo Lunner, a Norwegian, was a member of the management in VimpelCom until October 1 this year, and he claims Norwegian leadership has played a major part in the positive trend.

“Norway was one of the pioneers when it comes to cell phones, and the knowledge and the recourses we have from Norway has been essential in internationalizing Telenor,” Lunner said.

Telenor is also positive to the potential of the investments done in Ukraine and Hungary.

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