OSLO, Norway, June 24, 2003 (PRIMEZONE) -- Telenor (Nasdaq:TELN) has acquired the remaining shares held by the minority shareholders of Comincom-Combellga. Telenor paid US$120 million for a 75 per cent stake in Comincom-Combellga in 2000. With the purchase of the 25 per cent minority interest, Telenor assumes 100 per cent ownership of the company. Telenor has acquired the shares, held by private individuals and public organisations, for US$ 30 million. The Russian telecommunications market is experiencing rapid growth, and that is expected to continue in the foreseeable future. Comincom-Combellga provides voice and broadband services to corporate customers and is the third largest operator in Moscow.
The company achieved a growth rate of 32 per cent in 2002, which resulted in revenues of US$ 85 million for 2002, EBITDA margin of 34 per cent and net profit margin 15 per cent. The trend is strong and the corresponding expected results for 2003 are revenues of around US$100 million and EBITDA margin of approximately 35 per cent.
Telenor's further investment is based on Telenor's positive experiences in the Russian market, and the potential that lies in further leveraging the company's core competencies as a leading operator in the corporate communications market in the advanced Nordic region. Telenor has opted to take full control of Comincom-Combellga to ensure flexibility in maximizing the value of its investment.
Further information: Chief Press Spokesman Dag Melgaard tel: (+47) 901 92 000