TelenorASA is in negotiations with potential buyers to sell its $2.42billion stake in Russian operatorVimpelCom Ltd.,Telecompaper reported April 4.

CEO Sigve Brekke reportedly said the telco wants to conduct a sale of the stakesoon. However, he declined to name the possible buyers.

Telenor first announced its intention to divest its 33% stake inVimpelCom in October 2015.

Earlier reports said that CK Hutchison Holdings Ltd. is Telenor's holding in VimpelCom.The Hong Kong-based conglomerate is also set to merge itsItalian business 3 Italia with VimpelCom's via ajoint venture.

Meanwile, Brekke said Telenor is also aiming to expand itspresence to Southeast Asian countries such as Vietnam,Indonesia and the Philippines,according to the report.