Vimpelcom prepares for opportunities, as retail sales hold up
Published: 24 October, 2008, 08:08
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.”
24.10.2008, 08:07
Retailers brace for sales slowdownSupermarkets warn sales will fall 30% as the economic crisis spreads to the public. Sales of no-frills products and alcohol, however, are holding up. |
24.10.2008, 08:50
OPEC cuts production by 1.5 million barrels per dayOPEC ministers are meeting in Vienna on Friday to discuss cutting output to support prices, with oil price hovering in the low to mid $60 BBL range, after falling below $70 and dropping to their lowest levels in 16 months. Exporters have said they would |
