International operator group VimpelCom is to sell its entire 49 percent stake in Vietnamese operator GTEL Mobile to its local partner for US$45 million.

Upon completion of the sale to GTEL’s parent, VimpelCom says it will have “no further obligations or liabilities” in the business, while GTEL will discontinue the use of VimpelCom’s Beeline brand after a six months transition period.

VimpelCom booked an impairment charge on its Vietnamese business in Q4 2011 following “a detailed business plan review” and so does not expect any additional losses related to the sale.

"We have previously outlined our Value Agenda, within which all of our operations are reviewed to assess their future value to the Group,” said VimpelCom CEO Jo Lunder. “The decision to dispose of our interest in GTEL Mobile is a result of this process, which focuses on allocating capital to those markets where we see the best opportunities to generate shareholder value."

According to the latest Wireless Intelligence data, GTEL Mobile had 3.8 million connections in Vietnam in Q1, giving it a 3 percent share of the market. The 2G-only operator failed to win any 3G licences at auction in 2009, though it has grown steadily since then by undercutting its rivals on both tariffs and handset prices.