American depositary receipts of VimpelCom Ltd (ADR)(NASDAQ:VIP) rose in recent pre-market trading Monday, after the telecommunications company Friday said its 52%-owned subsidiary Global Telecom Holding agreed to sell its 51% stake in Orascom Telecom Algerie to Algerian Fonds National d’Investissement for $2.64 billion.
Orascom Telecom will distribute a dividend of $1.86 billion to Global Telecom before the closing of the transaction by the end of 2014. The total dividends and proceeds due to GTH at closing are expected to amount to $4.0 billion, net of all taxes and after the settlement of all outstanding disputes between the parties and the payment of associated fines.
VIP was up 2.4% at $9.22 in recent pre-market trading, closed in a 52-week range of $7.86 to $14.74.
NetSpend, a TeleCommunication Systems, Inc. (NASDAQ:TSYS) company, announced it has joined forces with Western Union (WU) to develop an innovative co-branded prepaid card, available later this year. NetSpend and Western Union will jointly develop the co-branded card’s custom features through NetSpend’s proprietary payments platform, and both companies plan to deliver the card through a portion of their combined distribution networks later this year. Details on card pricing, features and availability will follow at the product launch.
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