On September 27, 2004 OJSC “VolgaTelecom” completed the transaction of acquiring 5% of CJSC “Ulyanovsk-GSM” stock. Thus, the equity share of OJSC “VolgaTelecom” in the charter capital of the cellular operator is brought up to 60%.

On May 6, 2004 OJSC “VolgaTelecom” Board of directors approved the transaction of acquiring 9% of stock (4% were purchased in July 2004) from CJSC “Ulyanovsk-GSM” shareholders. The total value of the transaction amounted to 62,1 million rubles.

This transaction is made within the terms of the strategy of OJSC “VolgaTelecom” cellular business development. According to this strategy the Company places its stake on GSM standard development and on the increase of share of capital in those operators where the Company has controlling block of stock.