OREANDA-NEWS. On 27 February 2008 Rostelecom , Russia’s national telecommunications operator hereby announces that the Board of Directors of the Company has accepted Lillian Acquisition’s proposal to sell Rostelecom’s 11% stake in Golden Telecom (Nasdaq: GLDN).

This decision was adopted by the board in line with a recommendation made by the Strategic Planning Committee under the Board of Directors of Rostelecom in accordance with the terms and conditions proposed by the subsidiary VimpelCom, Lillian Acquisition. According to the terms of the proposal, the value of the company’s stake in Golden Telecom is $460 mln.

“Priced at $105 per share seems acceptable to us.  Given that our company recently took part in Golden Telecom’s additional issue, this is a good deal for Rostelecom.  The proceeds will be allocated to business expansion at Rostelecom.