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VimpelCom To
Buy Remaining 49% of Corbina Telecom
June 3, 2008
Open Joint Stock Company “Vimpel-Communications”
(“VimpelCom” or the “Company”)
(NYSE: VIP) today announced that it
signed an agreement to purchase 49%
of the shares of Closed Joint Stock
Company Cortec (“Corbina Telecom”)
from Inure Enterprises Ltd. for
approximately US$404 million.
VimpelCom’s wholly-owned indirect
subsidiary OOO EDN “Sovintel”
already owns 51% of the shares of
Corbina Telecom.
“The purchase of the minority stake
in Corbina Telecom is a logical step
in the execution of our strategy to
build an integrated Russian telecoms
operator”, Alexander Izosimov, Chief
Executive Officer of VimpelCom
commented. “The combination of
infrastructures, technologies,
client bases and expertise of
VimpelCom, Golden Telecom and
Corbina Telecom will provide a solid
base for our successful expansion in
Russia’s fast-growing broadband
Internet market.”
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