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Rostelecom

August 31, 2011

Rostelecom increases its stake in CJSC Volgograd-GSM to 100%

Moscow, Russia – August 31, 2011 – Rostelecom OJSC (MICEX & RTS: RTKM, RTKMP; OTCQX: ROSYY), Russia’s national telecommunications operator, today announces that it has acquired a 50% stake in CJSC Volgograd-GSM (“Volgograd-GSM”) from SMARTS Group for a total cash consideration of RUB 2,322 million (approximately US$ 80.5 million[1]). As a result, Rostelecom now holds a 100% stake in Volgograd-GSM.

Volgograd-GSM provides GSM mobile services in the Volgograd region covering 33 of the region’s districts, or 90% of the region’s 2.6 million inhabitants. The company had 855 thousand mobile subscribers as at the end of the first quarter of 2011, and a 20%[2] share of the region’s GSM market as at the end of 2010. Volgograd-GSM reported RAS revenues of RUB 1,748 million and EBITDA of RUB 708 million with an EBITDA margin of 40.5% for the full year of 2010. The Company’s net debt totalled RUB 340 million as at March 31, 2011.

Alexander Provotorov, President of Rostelecom, commented: “Following the acquisition of this additional 50% stake in Volgograd-GSM, Rostelecom now owns a 100% stake in the company. This enables us to actively develop mobile services in the Volgograd region, integrate Volgograd-GSM into Rostelecom’s mobile asset base, and consolidate its financial and operating results into Rostelecom.”

[1]  Exchange rate of Central Bank of Russia as of August 31, 2011

[2]According to Volgograd-GSM’ data

 

 

 

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