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MTS increases ownership in UMC to 83.7%.

Europe Intelligence Wire

| June 17, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Europemedia)

Mobile TeleSystems OJSC (MTS) the largest mobile phone operator in Russia and Central and Eastern Europe has announced that it has increased its ownership in Ukrainian Mobile Communications (UMC) to 83.7 per cent through the acquisition of an additional 26 per cent stake in the company.

MTS has completed the acquisition of a 26 per cent stake in UMC pursuant to the terms and conditions of the call option agreement with Ukrtelecom signed on November 5, 2002. As the result of the transaction, MTS' ownership in UMC has increased from 57.7 per cent to 83.7 per cent. MTS has paid E73.86m for the stake and the funds have been transferred to …

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