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Golden Telecom

September 22, 2005

Golden Telecom announces the acquisition of Sakhalin Telecom

MOSCOW, Russia (September 22, 2005).  Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: GLDN), today announced it has completed the acquisition of 60% of Limited Liability Company Joint Venture Sakhalin Telecom Limited ("ST"), a fixed line alternative operator in the Far East region of Russia.  As a result of this acquisition and combined with Golden Telecom’s previous ownership in ST, Golden Telecom now owns 83% of ST. 

Golden Telecom purchased 60% of ST for a total cash purchase price of approximately $5 million from Open Joint Stock Company "Vimpel-Communications" ("VimpelCom").  VimpelCom purchased the 60% interest in ST from the British company Cable and Wireless plc on July 13, 2005.

Commenting on today's announcement, Jean-Pierre Vandromme, Golden Telecom’s Chief Executive Officer, said, "We are pleased to increase our ownership stake in Sakhalin Telecom, and this acquisition complements our regional expansion strategy."

About Golden Telecom (www.goldentelecom.com):

Golden Telecom, Inc., (NASDAQ: “GLDN”) is a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States (“CIS”). The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and via intercity fiber optic and satellite-based networks, including approximately 233 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.

Statements made in this press release are forward looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995.  Such statements include the expected impact of the acquisition of Sakhalin Telecom and Golden Telecom’s strategy.  It is important to note that such statements involve risks and uncertainties, which may cause outcomes to differ materially from those set forth in these statements.  Such risks and uncertainties include, but are not limited to, the possibility that the transaction will not yield the expected benefits. Additional information concerning factors that could cause results to differ materially from those in the forward looking statements is contained in the Company's filings with the U.S. Securities and Exchange Commission including the Company's quarterly reports on Form 10-Q, current reports on Form 8-K filed during 2005, and the Company's annual report on Form 10-K for the year ended December 31, 2004.

 

For additional information please contact:

 

Public relations:

Anna Chin Go Pin

e-mail: achin@gldn.net

tel.: +7-095-797-9300

fax: +7-095-797-9332

 

Investor Relations:

Ranjit Singh

e-mail: ir@gldn.net

tel.: +7-095-797-9300

fax: +7-095-797-9331

 

www.goldentelecom.ru

 

 

 

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