UPDATE 1-Vimpelcom pays $562 mln to up Kazakh unit stake

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MOSCOW, July 4 (Reuters) - Russia's second-largest mobile phone operator Vimpelcom (VIP.N) said on Friday it had paid $561.8 million to boost its stake in Kazakhstan's carrier Kar-Tel to 75 percent.

Vimpelcom has bought a further 25 percent minus one share in Kar-Tel in addition to 50 percent plus one share it already owned, spokeswoman for Vimpelcom Yelena Prokhorova told Reuters.

"The shares were acquired from our partner in Kar-Tel, Crowell Investments Limited. Vimpelcom has an option to buy the remaining 25 percent," Prokhorova said.

Vimpelcom bought 100 percent of Kar-Tel, the second largest cellular operator in Kazakhstan, in September 2004 for $350 million plus the assumption of nearly $75 million in debt.

It later sold 50 percent minus one share in the operator to Crowell Investments Limited, a Cypriot company beneficially owned by shareholders of Kazakhstan's ATF Bank ATFB.KZ.

Vimpelcom and Crowell also entered into an agreement that granted a call option to Vimpelcom to reacquire up to the entire stake from Crowell subject to certain conditions.

Vimpelcom, owned by Norway's Telenor (TEL.OL) and Russian billionaire Mikhail Fridman's Alfa Group, has more than 52 million clients in Russia and the former Soviet states of Armenia, Georgia, Kazakhstan, Tajikistan, Ukraine and Uzbekistan.

Kazakhstan is Vimpelcom's largest market in the CIS where it services around 4.8 million mobile subscribers and has a 39.5 percent market share.

In the first quarter, revenues from Vimpelcom's operations in Kazakhstan rose 36.3 percent to $162.8 million. (Reporting by Maria Kiselyova; Editing by David Cowell)