Representatives from Alfa Group decided not to register their votes at today's Extraordinary General Meeting of shareholders (EGM) of Russian mobile company VimpelCom. The meeting was initially called by Eco Telecom, a subsidiary of Alfa Group, as part of an effort to obtain the approval of the proposed acquisition of Ukranian Radiosystems, a Ukrainian mobile operator tradenamed WellCom.
Without the presence of Alfa Group, the EGM had no quorum and was therefore re-scheduled for 14th September.
Telenor’s representatives were present at the EGM and registered their votes.
Since the meeting was not held, no votes were counted. “Telenor strongly supports VimpelCom’s CIS expansion strategy but we believe the purchase price for URS WellCom is too high and the business case has no real merit. Today’s events indicate that holders of a majority of VimpelCom’s shares are not ready to support this transaction” says Dag Melgaard, Chief Press Spokesman of Telenor.