VimpelCom Ltd (ADR) (NYSE:VIP) reported that it would get almost $1.4 billion for the conversion of its preferred stock by shareholder Altimo, the telecoms business of billionaire Mikhail Fridman’s Alfa-Group, into ordinary shares in a action that will lift the Russian investor’s economic interest.
Emerging markets telecoms operator reported in statement on Monday that Altimo will change 128,532,000 convertible preferred shares at a ratio of one preferred share for one common share on April 16, 2013.
Altimo’s economic interest in Amsterdam based Vimpelcom will boost to 56.2% from 52.7%, while its voting stake will remain unchanged.
Its competitors include Varian Medical Systems, Inc (NYSE:VAR) that slipped -0.58% to $70.39 with the total traded volume of 67,172.00 shares and MBT Financial Corp (NASDAQ:MBTF) that dropped -0.87% to $2.29with the total traded volume of 9,820.00 shares.
Other Technology stocks with bullish trend include Facebook Inc (NASDAQ:FB) up +2.17% to $26.82, Yahoo! Inc (NASDAQ:YHOO) up +0.74% to $19.50 and Sprint Nextel Corporation (NYSE:S) up +0.18% to $5.47, whereas with bearish trend include Research In Motion Limited (USA) (NASDAQ:RIMM) down -2.29% to $10.66, Google Inc (NASDAQ:GOOG) down -0.93% to $708.96 and Nokia Corporation (ADR) (NYSE:NOK) down -1.00% to $3.95.
VimpelCom Ltd (ADR) (NYSE:VIP) stock’s trade at beginning with a price of $10.18 and in ongoing trading session climbed at a high of $10.65 other than after it traded advanced +4.32% to $10.63.
The stock is going forward its 52 week low with +50.21% and lagging behind from its 52 week high price with -15.62%. VIP last month stock price volatility remained 2.94%.
VIP stock institutional ownership remained 7.25% while insider ownership included 35.39%. In its share capital VIP has 1.30 billion outstanding shares among them 957.42 million shares have been floated in market exchange.
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