Moscow and New York (November 22, 2004) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP) today announced a change in the ratio of its American Depositary Receipts (ADRs) traded on the New York Stock Exchange.
Since the Company listed on the New York Stock Exchange in 1996, VimpelCom's price per ADR has risen from $20.50 to over $100. In order to bring the ADR price more into line with other ADRs, the Company will change the ratio from four ADRs for three common shares to four ADRs for one common share effective November 22, 2004. To implement the ratio change, VimpelCom ADR holders as of record date at the close of business on November 19, 2004 will receive two additional ADRs for every ADR held. The distribution date to ADR holders is November 22, 2004. There will be no change to VimpelCom's underlying common shares.
Commenting on today's announcement, Alexander Izosimov, Chief Executive Officer of VimpelCom, said: "VimpelCom's ADR ratio change demonstrates our commitment to making the Company accessible to the broadest investment community. The change in the ADR ratio is designed to help increase NYSE volumes and create a more liquid market for our shares."
VimpelCom is a leading provider of telecommunications services in Russia and Kazakhstan, operating under the "Bee Line GSM" brand in Russia and "K-mobile" and "EXCESS" brands in Kazakhstan. The VimpelCom Group's license portfolio covers approximately 94% of Russia's population (136 million people), including the City of Moscow, the Moscow Region and the City of St. Petersburg, as well as the entire territory of Kazakhstan. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADSs are listed on the NYSE under the symbol "VIP".
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