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KT Corp , South Korea’s top fixed-line and No.2 mobile company, is in talks to sell its Russian unit New Telephone Company (NTC), its chief executive said on Friday.

“We are in talks to sell the business,” KT chief executive Lee Suk-chae told Reuters. Lee declined to comment on the potential buyer or the size of the deal.

In November, KT appointed Credit Suisse to sell a 80 percent stake in NTC it bought in 1997.

Bankers said at the time that NTC was worth around $500 million, and that Vimpelcom , Russia’s second-largest cellphone company, said it would be interested in buying the asset

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