Golden Controls RascomGolden Controls Rascom

MOSCOW -- Golden Telecom, Inc. ("Golden Telecom" or the "Company") (NasdaqNM:GLDN - News) today announced that AnTel Rascom Limited, a wholly owned subsidiary of Golden Telecom, has finalized the acquisition of an additional five percent of ZAO Rascom ("Rascom"). The acquisition raises Golden Telecom's consolidated interest in Rascom to a controlling interest of 54%. The purchase price of the acquisition was $1,050,000.

AnTel Rascom Limited initially owned 49% of Rascom and was purchased by Golden Telecom in October 2005 for approximately $10 million. Rascom owns telecommunications infrastructure and facilities linking Moscow, St. Petersburg, and past the Russian border into Finland.

Jean-Pierre Vandromme, CEO of Golden Telecom noted that, "the acquisition of a controlling interest of an operator having its own infrastructure and communications facilities in Golden Telecom's most traffic-intensive route will give the Company an opportunity to actively expand its services and projects that require considerable trunking capacity, such as, broadband access and the deployment of the Federal Transit Network."

Golden Telecom Inc.