VimpelCom shareholders overwhelmingly approve merger of VimpelCom and VimpelCom-Region
24 Oct 2003
As announced on August 28, 2003, VimpelCom's shareholders were asked to approve the merger of VimpelCom and VimpelCom-R and the related issuance of 10,948,821 new VimpelCom common shares (the equivalent of 14,598,428 ADSs) in exchange for the 44.7% stake in VimpelCom-R that is currently owned by Eco Telecom Limited, a company within the Alfa Group of companies in Russia ("Alfa Group"), and by Telenor East Invest AS ("Telenor"). As interested parties to a number of the proposed transactions, Alfa Group and Telenor were not eligible to vote on certain resolutions. Commenting on today's announcement, Jo Lunder, Chairman of the Board of VimpelCom, said, "The overwhelming endorsement received today is a clear sign that our shareholders support our vision for the merger of VimpelCom and VimpelCom-R and that they recognize the benefits of full exposure to the growth potential in the regions. We believe that this merger will create a stronger platform for future expansion and bring more value for our shareholders." The transactions approved at today's shareholder meeting will be subject to various Russian regulatory approvals, including the Ministry for Anti-Monopoly Policy of the Russian Federation and the Russian Federal Commission on the Securities Markets, and satisfaction of certain other conditions precedent. VimpelCom will submit a copy of the results of the shareholder meeting under separate cover of Form 6-K to the U.S. Securities and Exchange Commission and the New York Stock Exchange. An electronic copy of the results of the shareholder meeting will be available for review on VimpelCom's web site in the "SEC Filings" section. VimpelCom is a leading provider of telecommunications services in Russia, operating under the "Bee Line" brand, which is one of the most recognized brand names in Russia. The VimpelCom Group's license portfolio covers approximately 92% of Russia's population (134 million people), including the City of Moscow, the Moscow Region and the City of St. Petersburg. 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". VimpelCom's convertible notes are listed on the NYSE under the symbol "VIP 05".
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