Telenor chief executive Jon Fredrik Baksaas is unhappy with the share price of VimpelCom, in which the Norwegian operator holds a 43 per cent voting stake.

Baksaas also expressed disappointment with some of VimpelCom’s operational figures and its level of capital expenditure, according to Reuters.

In addition to its voting stake, Telenor has an economic interest of 33 per cent in VimpelCom, which operates in 17 countries.

Excluding brief rallies, VimpelCom’s stock has been heading in only one direction over the last few months. From a recent high of over $14 in October 2013, the price has drifted down to the current level of barely $10.

The company is struggling to hold down expenditure and move the needle on profitability. Both are needed to reduce $27.6 billion of gross debt flowing from the purchase of operations, including in Italy and Algeria, from Naguib Sawiris in 20111.

The company saw a revenue decline in its recent Q3 results and announced it would not pay a dividend in 2013, a move aimed at reducing debt levels.

Its largest market remains Russia and it also operates in African and Asian markets.