Altimo Ups Voting Stake in VimpelCom to 35.8%

MOSCOW, Nov 23 (Prime-Tass) -- Altimo, the telecommunications arm of Russian industrial and financial holding Alfa Group, has increased its voting stake in Russia?s second largest mobile operator VimpelCom to 35.8% from 32.9%, VimpelCom said Thursday.

Eco Telecom, a subsidiary of Altimo, has gained ownership rights to a 2.9% voting stake in VimpelCom, the mobile operator said.

In September, another Altimo subsidiary entered into an agreement with Jam Holding Asset Management Limited, under which the subsidiary was to make payments to Jam Holding for the latter's purchase of VimpelCom's American Depositary Receipts (ADRs). Under the agreement Altimo received the right to demand the purchased ADRs by January 1, 2007.

Prior to the transaction Altimo controlled 32.9% of VimpelCom's voting shares, while Norwegian telecommunication company Telenor controlled a 26.6% voting stake. Free float makes up the remaining stake.

Telenor concluded a similar agreement with ING Bank N.V. regarding about 3.5% of VimpelCom's voting shares in June

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Posted to the site on 23rd November 2006