Implementing the strategy of sold out of non-core businesses and in accordance with the resolution of the Board of Directors (Minutes 19-01/07(08) dd. 31st March, 2008), North West Telecom sold out a 25.00019% stake in the Closed Joint-Stock Insurance Company « Ìå dexpress». The passing of property right took place on 02nd June, 2008.

The decision on divestment of a block stake in Ìå dexpress complies with the earlier declared strategy of NWT in the field of managing subsidiary companies, namely selling of assets that North-West Telecom can’t actively manage. The further growth of Ìå dexpress business envisaged constant and proportional increase of its equity by way of additional investments from the shareholders into the company’s authorized capital. Taking into account the high NWT’s capex program in year 2008, management of the company decided that investment in non core business wouldn’t be attractive.

The stake was sold out by an attractive price, but the sum of the deal is not being disclosed at the agreement of the parties. Revenue from a Medexpress divestment will go to finance the NWT’s investment program.

The buyer – ROSNO JSC, the major shareholder of Medexpress took the highest interest to that stake. Acting within the strategy of leadership on regional and federal regions, ROSNO JSC take the policy of the active acquisition of a big and medium insurance companies. After the completion of the deal the company will own 96% of shares of JSIC Ìå dexpress.

In its turn, North West Telecom plans to carry on the mutually cooperation with Ìå dexpress as an insurance services customer.

JSIC Ìådexpress

JSIC « Ìå dexpress» is a leading insurance company in the North West region. It started its insurance activities on 8th January, 1992. Nowadays, « Ìå dexpress» operates in 29 different fields of insurance, and is a leader in the area of voluntary medical insurance in the North-West of Russia.

JSC  «ROSNO»

JSC «ROSNO» was established in 1991. Controlling ROSNO’s interest is owned by the leading international insurance company Allianz SE (97%). The company’s customers are offered over 100 different insurance products. ROSNO has subsidiaries in Russia (MC «ROSNO-Centre», IC «ROSNO- Ì S», IC «Alliance ROSNO Life», MC «Alliance ROSNO Assets’ Managing») and Ukraine (IC «Alliance Ukraine»). ROSNO’s authorized capital equals– RUR 1,281,200 thousand. Regional network comprises 100 branches in all regions of Russia, united into 7 direction boards, and 300 agencies. Over 17 mln people and over 50,000 enterprises and companies hold ROSNO Group of companies’ insurance policies or have contracts with it.