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Mobile TeleSystems acquires remaining 46.1% share of ReCom, a mobile operator in central Russia
December 30, 2005
MOSCOW -- Mobile TeleSystems OJSC ("MTS" - NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces that it has acquired the remaining 46.1% share of ReCom, a mobile phone operator in the Central part of Russia.
In line with the Company's strategy of consolidating ownership in its subsidiaries, MTS has purchased an additional 46.1% stake in ReCom from local private firms for $110 million. Previously MTS owned 53.9% of ReCom; as a result of this transaction, MTS' ownership in the company increases to 100%.
ReCom is a GSM-900/1800 mobile phone operator in six regions of Russia[1] with a total population of 8.6 million. The company's subscriber base currently totals 2.7 million. For the first nine months of 2005, the company's revenues amounted to $92.9 million, operating income totalled $29.5 million[2], and net income was $11.8 million. The company's net debt as of September 30, 2005, amounted to $4.9 million.
Mobile TeleSystems OJSC (MTS) (NYSE: MBT)
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