VimpelCom welcomes the Supreme Court's decision
Moscow and New York (June 29, 2005) — Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") welcomes the decision by the Supreme Court invalidating the decision of the Temruksky district court of Krasnodarsky Krai in a case brought by a minority shareholder. The Temruksky district court decision suspended the effectiveness of the provision in the Company's charter requiring the supermajority vote of the Company's board with respect to a variety of strategic and important issues. In addition, the decision required the Company to amend this provision of its charter so that all board decisions, including those where there is a conflict of interest or a decision relating to an interested party transaction, would require a simple majority decision of the Company's board members present and having the right to vote on the issue. The Russian Supreme Court initially stayed the enforcement of the Temruksky district court decision in its decision of April 13, 2005. Today's decision by the Supreme Court is final and does not require any further consideration of the case by a Russian court.
VimpelCom is a leading international provider of telecommunications services, operating under the "Beeline" brand in Russia and Kazakhstan. In addition, VimpelCom is continuing to use "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 shares are listed on the NYSE under the symbol "VIP".
For more information, please contact:
Ian Bailey/Michael Polyviou