AMSTERDAM -- "VimpelCom Ltd" ("VimpelCom", "Company" or "Group") (NYSE: VIP- News), a leading global provider of telecommunications services, announced today that it has signed an agreement to sell the Company's entire indirect 49% stake in GTEL Mobile Joint Stock Company ("GTEL Mobile") in Vietnam and give up operational control of GTEL Mobile. The stake will be sold to GTEL Transmit and Infrastructure Service One Member Company Limited (the "Purchaser"), a related party of the Company's Vietnamese local partner, Global Telecommunications Corporation.

Under the terms of the agreement, the Purchaser will pay cash consideration of US$45 million upon satisfaction of usual conditions precedent. Upon completion of the sale, VimpelCom will have no further obligations or liabilities to Global Telecommunications Corporation or GTEL Mobile. Additionally, GTEL Mobile will discontinue the use of the Beeline trademark after a six months transition period.

VimpelCom Ltd. (NYSE: VIP)