BERTRANGE, Luxembourg, NEW YORK and LONDON, Feb. 19, 2003 (PRIMEZONE) -- Millicom International Cellular S.A. ("MIC") (Nasdaq:MICC): An Extraordinary General Meeting was held on Monday, February 17, 2003, at the registered office of Millicom International Cellular S.A. (the "Company") in Bertrange, Grand-Duchy of Luxembourg. All of the resolutions on the agenda proposed to shareholders were approved, including the resolution for a reverse stock split of the issued shares of the Company, exchanging three existing shares of a par value of USD 2 each for one new share with a par value of USD 6.
Fractional shares will not be issued as a result of the reverse stock split. Instead, each holder of a fractional interest of the Company's shares will receive a cash entitlement.
The Company's shares began trading on a post split basis on the Luxembourg Stock Exchange on February 17, 2003. The Company's shares will begin trading on NASDAQ on a post split basis on Thursday, February 20, 2003. After the split the stock will trade under the interim symbol of "MICCD" for 20 trading days to assist in making investors aware of the split. Thereafter, the symbol will revert to "MICC".
Millicom International Cellular S.A. is a global telecommunications investor with cellular operations in Asia, Latin America and Africa. It currently has a total of 16 cellular operations and licenses in 15 countries. Millicom's cellular operations have a combined population under license (excluding Tele2) of approximately 360 million people. In addition, Millicom provides high-speed wireless data services in seven countries. Millicom also has a 6.8% interest in Tele2 AB, the leading alternative pan-European telecommunications company offering fixed and mobile telephony, data network and Internet services to over 16 million customers in 21 countries. Millicom's shares are traded on the Nasdaq Stock Market under the symbol MICC.
This press release may contain certain "forward-looking statements" with respect to Millicom's expectations and plans, strategy, management's objectives, future performance, costs, revenues, earnings and other trend information. It is important to note that Millicom's actual results in the future could differ materially from those anticipated in forward-looking statements depending on various important factors. Please refer to the documents that Millicom has filed with the U.S. Securities and Exchange Commission under the U.S. Securities Exchange Act of 1934, as amended, including Millicom's most recent annual report on Form 20-F, for a discussion of certain of these factors.
All forward-looking statements in this press release are based on information available to Millicom on the date hereof. All written or oral forward-looking statements attributable to Millicom International Cellular S.A, any Millicom International Cellular S.A members or persons acting on Millicom's behalf are expressly qualified in their entirety by the factors referred to above. Millicom does not intend to update these forward-looking statements.
CONTACTS:
Marc Beuls Telephone: +352 27 759 101 President and Chief Executive Officer Millicom International Cellular S.A., Luxembourg Andrew Best Telephone: +44 20 7321 5022 Investor Relations Shared Value Ltd, London
Visit our web site at http://www.millicom.com
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