| Moscow and New York (December 14, 2006) — Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), announced that its management will continue to operate the Company in 2007 in the ordinary course of business. Today, the Board voted in favor of the proposed 2007 consolidated budget by a majority vote. Pursuant to the Company’s charter, the necessary vote to approve the proposed consolidated budget is 8 out of 9 directors. As in 2006, as a result of the continuing disagreement between the directors regarding the spending of funds respecting VimpelCom’s subsidiary, Ukrainian Radio Systems, there were not 8 votes cast in favor. However, as in 2006, the Company will operate within the parameters of the proposed consolidated budget for 2007.
The VimpelCom Group includes cellular companies operating in Russia, Kazakhstan and recently acquired cellular operators in Ukraine, Tajikistan, Uzbekistan, Georgia and Armenia. The VimpelCom Group's cellular license portfolio covers a territory with a population of about 240 million. This includes 78 regions of Russia (136.5 million people, representing 94% of the Russia's population), and the entire territory of Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, and Armenia. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADSs are listed on the NYSE under the symbol "VIP".
|
.jpg){kind=small}
