Telenor Decides to Give VimpelCom a Legal Fight
From the Blog ProPakistani: Telenor Decides to Give VimpelCom a Legal Fight - Telenor Decides to Give VimpelCom a Legal Fight is a post from: ProPakistani VimpelCom announced today that it received a notice of arbitration from Telenor, against proposed 6 billion dollar deal deal with Wind Telecom S.p.A., to enforce its alleged pre-emptive rights under the VimpelCom shareholders agreement because it believes the Transaction is not a Related M&A Transaction. The VimpelCom Supervisory Board decided at its January 16, 2011 meeting that the Transaction constitutes a Related M&A Transaction and consequently the VimpelCom shareholders agreement does not provide pre-emptive rights to Telenor. In the notice, Telenor requested that VimpelCom adjourn the special general meeting of VimpelCom shareholders scheduled for March 17, 2011 and postpone the January 31, 2011 record date for the SGM until after the arbitration panel has reached a decision on the claim. Earlier, VimpelCom board gave approval for the said deal and rest was to be decided in shareholders meeting on March 17th, 2010. Reuters recently reported that Telenor has apparently failed to get support from shareholders and is short of the votes it needs on March 17 to nullify the deal. Telenor has 36 percent of Vimpelcom's voting stock while Altimo owns 44.7 percent. To be certain of rejecting the bid for Wind, Telenor must be backed by 72 percent of the remaining shareholders, who jointly own 19.3 percent of votes. Aside from the shareholder views, sources familiar with the situation and analysts expect the vote to go in favor of the Russian company and its top shareholder, a company controlled by Russian billionaire Mikhail Fridman. A takeover of Wind is backed by Vimpelcom management, the Russian government, and Fridman's Altimo group. The deal with Egyptian tycoon Naguib Sawiris would give Vimpelcom control of mobile group Orascom and Wind Italy and make it one of world's largest mobile operators . Sawiris would get 30.6 percent Vimpelcom stake in return. But it comes with risks, including lack of clarity over Sawiris's prized Algerian unit, and it threatens to reignite a long-running conflict between Telenor and Altimo. Telenor said it saw “dirty tricks” in Vimpelcom and Altimo tactics to circumvent a shareholders agreement that would otherwise allow Telenor to take part in the share issue to Sawiris – an issuance that will dilute its influence. VimpelCom said that its management and Supervisory Board continue to believe strongly in the strategic rationale for the Transaction which will create a new global telecom player with significant scale and an attractive mix of developed and emerging market assets, well-positioned to realize profitable growth. If deal goes through, Telenor will be in danger to fall below a 25-percent ownership threshold in VimpelCom. That would dissolve a shareholders agreement with Altimo which gives Telenor three seats on the board and other rights. Related posts: Telenor Opposes Vimplecom/Orascom Deal VimpelCom Board Locks Orascom Deal, Ignoring Telenor Opposition Russia's VimpelCom Confirms Merger with Orascom Insight of VimpleCom / Orascom Merger Telenor Social Service 1911 Copyright © 2010 ProPakistani.PK . Read Full Post
NRSP Microfinance Bank to get Connectivity and Surveillance Services from PTCL
From the Blog ProPakistani: NRSP Microfinance Bank to get Connectivity and Surveillance Services from PTCL - NRSP Microfinance Bank to get Connectivity and Surveillance Services from PTCL is a post from: ProPakistani An agreement has been signed between Pakistan Telecommunication Company Limited (PTCL) and NRSP Microfinance Bank Limited for the provisioning of ICT services, said a statement issued by PTCL. NRSP Microfinance Bank will utilize PTCL's IP-Connect for their primary network and satellite based DVBS-2 for primary backup. In addition, PTCL's i-Sentry product line will be used to provide surveillance at NRSP branches said the statement. IP-Connect a layer III MPLS network will be deployed nationwide connecting the NRSP Branches with fiber based aggregation at the NRSP Head Office. PTCL is the largest national services provider with most number of physical and geographical PoPs across the nation. With PTCL's MPLS network, NRSP can maintain its online communication within all the branches and beyond round the clock at a very economical pricing. Satellite based, DVBS-2 connectivity network for all NRSP bank branches scattered in different parts of the country will form the backup network. With the combination of MPLS and DVBS-2, PTCL will ensure 99.9% uptime for branch connectivity of the bank. DVBS-2 system is the latest technology in satellite based communications that is both reliable and cost effective. With I-Sentry services, PTCL will provide round the clock surveillance services for the branch network of the bank based on its state-of-art backend IP network meeting the current security requirements. The agreement signing ceremony was held at the NRSP Bank Head office Bahawalpur. President NRSP Bank Mr. Zahoor Hasan Khan and Mr Zaman Gulzar EVP Corporate Services PTCL signed the agreement on behalf of their organizations. Mr Zaman Gulzar highlighted the initiatives PTCL is taking for meeting the IT requirements of the Corporate and Enterprise customers in the country. He reiterated that PTCL management is committed in introducing state-of-the-art technologies to facilitate customers. SEVP commercial PTCL Mr. Naveed Saeed, has stated about the agreement that PTCL being the leader in telecommunication sector and a prime provider of telecom voice and broadband multimedia services in Pakistan will provide the optimum and quality ICT services and will bring new information highways and futuristic product basket for NRSP. PTCL also certifies to extend the basic telecom and data services for NRSP in a dynamic way with the best technologies available. The ceremony was attended by the Regional General Manager PTCL Multan Rao Aftab Ahmad, Regional Manager NRSP Colonel (Retd) Mir Yusuf, and other officials including Shaikh Ameen, Nadeem Abbasi and Kashif Naseer. Related posts: PTCL, Tameer Bank Ink MoU Orascom Nearing Microfinance Bank Acquisition in Pakistan Breaking: Telenor Pakistan acquires 51% of Tameer Microfinance Bank Telenor's Easypaisa Turns One! PTCL Offers Quad-Play: Unlimited Voice, Data, IPTV and Surveillance Copyright © 2010 ProPakistani.PK . Read Full Post
STAND WITH THE PEOPLE OF EGYPT
From the Blog Speak Your Mind!!!: STAND WITH THE PEOPLE OF EGYPT - Normal 0 false false false MicrosoftInternetExplorer4 st1:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:”"; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} The demonstrations in Egypt could end three decades of repressive rule and bring, at long last, freedom and democracy to Egypt. The regime is attempting to starve the protest movement of two crucial sources of power: information and solidarity. But despite the internet blackout, Egyptian radios and satellite TVs can still receive broadcasts from across the border — so Avaaz will work with broadcasters whose signals reach inside Egypt to circulate the number signatures on this statement of solidarity, along with messages of support from around the world for Egypt’s people. Every hour matters. What happens next depends of all of us. Let’s stand with those on the streets and build a deafening outcry against rampant corruption and political repression, and for democratic reform. Sign the statement of solidarity–and spread the word about this campaign! We stand with the people of Egypt in their demand for freedom and basic rights, an end to the crackdown and internet blackout, and immediate democratic reform. We call on our governments to join us in our solidarity with the Egyptian people. ] . Read Full Post
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