Golden Telecom Announces Closing of Comincom/Combellga Transaction
01 Dec 2003
Moscow, Russia (December 1, 2003) - Golden Telecom, Inc. (NASDAQ: "GLDN") announced today that it closed the transaction to acquire 100% of OAO Comincom, and its wholly-owned subsidiary, OAO Combellga, from Nye Telenor East Invest AS (Telenor). As part of the transaction, Golden Telecom
issued 7,007,794 shares to Telenor, which represents 19.5% of the outstanding shares of Golden Telecom, Inc. A special meeting of Golden Telecom, Inc.'s stockholders held on November 28, 2003 approved the issuance of the shares to Telenor. At that meeting, shareholders representing approximately 90% of the company's outstanding shares participated, and of these, 99.98% voted in favor of the transaction. Further information on the share issue, together with financial information about the two companies, and Golden Telecom, Inc.'s post-acquisition shareholder structure can be found in the proxy statement filed
by Golden Telecom, Inc. with the United States Securities and Exchange Commission on October 31, 2003. On December 5, 2003, Golden Telecom, Inc. and Telenor will hold a joint press conference in Moscow to discuss the details of the transaction.
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