Logo of Phnom Penh Post newspaper Phnom Penh Post - Beeline’s future in Cambodia unknown

Beeline’s future in Cambodia unknown

Beeline’s future in Cambodia unknown

Officials at Beeline Cambodia parent Vimpelcom would not speculate yesterday on whether the company’s divestiture of its Vietnamese assets meant operations in the Kingdom would soon cease.

On Monday, Amsterdam-based Vimpelcom sold its 49 per cent stake in Vietnam’s GTEL Mobile Joint Stock Co for US$45 million to GTEL Transmit and Infrastructure Service One Member Co Ltd, a “related party” of its local partner Global Telecommunications Corporation.

The Beeline trademark was expected to be phased out in Vietnam after a six-month transition period, a Vimpelcom statement said.

The move comes after Vimpelcom in March booked a $527 million impairment charge on its operations in Cambodia and Vietnam as a result of the company’s overvaluation of those markets.

But company officials yesterday would not offer definitive answers on the fate of Beeline Cambodia.

Vimpelcom group director of communications Bobby Leach reiterated comments by CEO Jo Lunder that the Vietnam sale was a part of a general review of the company’s operations.

“We have an ongoing process of looking at each of our assets to evaluate their future value to the group . . .  and the sale of Vietnam was a result of that process,” Leach said.

“What that means for all our other operations, it’s too early to tell.”

Beeline general manager Gael Campan did not respond to requests for comment.

To contact the reporter on this story: Tom Brennan at [email protected]

MOST VIEWED

  • Woman detained for murder of hairdresser over unpaid $1K debt

    A woman has been held in connection with the murder of a 40-year-old widow. The victim’s daughter claims the motive was the suspect’s unpaid four million riel ($1,000) debt to her mother. The 17-year-old girl, Pich Sievmey, said her mother, Koem Yaneang, a hairdresser

  • ‘Life goes on’ if Cambodia loses Everything But Arms

    Cambodia's business sector is exploring ways to mitigate any fallout from a possible loss of access to the EU’s Everything But Arms (EBA) agreement as talks continue before the 28-member bloc makes a final decision. The EU monitoring process is set to conclude in

  • Nesat beach: A magnet drawing tourists to the Kingdom’s coastline

    A white sandy beach lined by countless coconut trees awaits travellers off Cambodia’s southwest coast in Koh Kong province’s Srae Ambel district, about 170km from Phnom Penh. Over the past few years Nesat beach – a name inspired by a nearby fishing village – has

  • PM: Workers must train for Industry 4.0

    Prime Minister Hun Sen has urged the Kingdom’s workforce to seek more technical training and strengthen their skills if they are to avoid job losses resulting from the Fourth Industrial Revolution. Hun Sen said the fourth industrial revolution is like a double-edged sword that