COPENHAGEN, Denmark, July 25, 2003 (PRIMEZONE) -- Today, TDC (NYSE:TLD) has agreed to divest its shareholding of 16.3% in UMC (Ukrainian Mobile Communications). The agreed price is USD 91.7m (DKK 593m).
In November 2002, TDC signed an agreement with MTS (Mobile Tele System), a Russian mobile operator, for TDC to sell its shares for a price determined by the financial performance of UMC and subject to a minimum price of USD 55m.
UMC was deconsolidated in TDC's accounts from October 5, 2002 and was equity consolidated until March 2003, whereafter UMC was treated as a minority passive investment in the TDC accounts
"The divestiture of UMC is consistent with TDC's group strategy, as UMC in TDC perspective is seen as non-core," said Henning Dyremose, President and CEO of TDC.
For further information please contact TDC Investor Relations at +45 3343 7680.
TDC is a Danish-based provider of communications solutions withsignificant presence in selected markets in Northern and CentralEurope. TDC is organized as six main business lines; TDC Solutions,TDC Mobile International, TDC Cable TV, TDC Directories, TDC Servicesand TDC Switzerland. TDC was privatized in 1994. Today, SBCCommunications owns 41.6% of the shares, with the remainder held byindividual and institutional shareowners all over the world.
TDC listings
Shares: Copenhagen Stock Exchange Reuters TDC.CO Bloomberg TDC DC Nominal value DKK 5 ISIN DK0010 253335 Sedol 5698790 Shares: New York Stock Exchange Reuters TLD.N Bloomberg TLD US One ADS represent one half common share ISIN US8723 6N1028 Sedol 2883094