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24 Oct, 2008 04:08

Vimpelcom prepares for opportunities, as retail sales hold up

Vimpelcom – the owner of Russia's second largest mobile phone operator – says the financial crisis has not affected its sales volume, according to CEO, Aleksandr Izosimov.

The company has taken a syndicated loan of 600 million Euro – or more than $750 million, with Izosimov predicting that the crisis will lead to consolidation in the sector.

“The sector will see much more consolidation, both horizontal and vertical. There will be fewer players, but more big international companies. Before the crisis, assets were extremely expensive, now they will be much cheaper, so those who generate large cash flows will be in a very good position. Talking about vertical integration, in our case, we are talking about mergers with some retailers.”