VimpelCom board fails to approve Ukrainian acquisition by super-majority
Moscow and New York (April 22, 2005) - Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP) , today announced that five of the nine members of the Company's board of directors voted in favor of the acquisition of CJSC "Ukrainian Radiosystems", a wireless telecommunications operator in Ukraine that operates under the Wellcom brand name. However, VimpelCom's charter requires eight out of the nine board members to approve the acquisition. The request from Eco Telecom Limited to convene an extraordinary general shareholders meeting to vote on the acquisition and other items was withdrawn.
VimpelCom is a leading provider of telecommunications services in Russia and Kazakhstan, operating under the "Beeline" 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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