Vimpelcom buys Cambodia's Sotelco for $28 mln

MOSCOW, July 21 (Reuters) - Vimpelcom (VIP.N), Russia's second-largest mobile phone operator, said on Monday it has agreed to buy a 90 percent stake in Cambodia's Sotelco from its largest shareholder, Altimo.

Altimo, the telecom vehicle of Russian billionaire Mikhail Fridman's Alfa Group, acquired 90 percent of Sotelco in August 2007 for an undisclosed sum.

Vimpelcom said in a statement its transaction was made through the purchase of 90 percent of Sotelco's parent company, Atlas Trade Limited, for $28 million, with the remaining 10 percent staying with a local partner, a Cambodian entrepreneur.

"VimpelCom has also acquired a call option to purchase the 10 percent interest of the local partner for market value at the date of exercise of the option," it said.

Altimo owns 44 percent of Vimpelcom, while Norway's Telenor has 29.9 percent. (Reporting by Maria Kiselyova; editing by Rory Channing)