Rostelecom invests $20 million in Golden Telecom
Golden Telecom announced that in May 2007, in connection with the Corbina Telecom acquisition, Rostelecom made a decision to exercise its non dilution rights under the existing shareholders agreement and acquired 392,988 newly issued, but unregistered, shares of Golden Telecom’s common stock. The transaction was closed on July 17, 2007. The total amount paid in cash was approximately $20.4 million
Mr. Jean-Pierre Vandromme, CEO of Golden Telecom
, noted: “This investment confirms Rostelecom's confidence in our strategy and prospects. We intend to use the proceeds for financing our ambitious growth plans including roll out of residential broadband networks and further expansion in the long distance market”.
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