Golden Telecom Divests its Stake in MCT Corp. for a Cash Consideration of up to $48 million
20 Jul 2007

MOSCOW, Russia (July 20, 2007). Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: “GLDN”), the leading provider of integrated telecommunications and Internet services in the largest population areas throughout Russia and other countries of the Commonwealth of Independent States (“CIS”), today announces that Golden Telecom sold its stake in MCT Corp. (“MCT”).

The 23% stake in MCT was sold to TeliaSonera for a cash consideration of up to $48 million. Approximately $38 million will be paid at closing with the balance to be paid upon the satisfaction of certain conditions.

Golden Telecom’s investment in MCT had a carrying value of zero in its books and consequently the received amount is expected to be reflected in profit (before taxes) in the 3rd quarter.

Golden Telecom Inc.

Altimo, a leading private equity group, operating on some of the world's most desirable and potentially lucrative mobile telecommunications markets, was created in 2005 from Alfa Telecom, which itself was established in 2004 to hold the telecoms investments of the Alfa Group Consortium (Golden Telecom, Inc., Turkcell Iletisim Hizmetleri A.S., Kyivstar GSM, MegaFon, VimpelCom, Sky Mobile). Those assets are in Russia , the CIS and other promising emerging markets.

Golden Telecom Inc. is a leading independent  fixed-line communications operator in Russia. The company provides, via its own infrastructure, complex telecommunications and internet services in Russia and several CIS countries. Listed on US NASDAQ. In Q1 2008, VimpelCom acquired 100% of the oustanding share capital of Golden Telecom.

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