MTS amends Uzdunrobita put option

22 Aug 2006

Russia’s largest cellco Mobile TeleSystems (MTS) has announced it has agreed an amendment to the put option it has on the outstanding 26% stake in Uzdunrobita. MTS acquired a 74% stake in Uzdunrobita for USD121 million in August 2004. At the time of the transaction MTS signed a three year put and call agreement with the remaining shareholders to purchase the remaing share capital for a minimum price of USD37.7 million. The amendment eliminates the call option and extends the exercise period of the put option to 14 July 2008. The purchase price will be determined by an international investment bank to be selected jointly by both parties within ten days of the date of service of a put notice.

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