OREANDA-NEWS. On March 14, 2007  “COMSTAR - United TeleSystems” announced that it had sold its 45% equity stake in ZAO “Metrocom” ("Metrocom"), an alternative fixed-line telecommunications operator based in St. Petersburg to сlosed joint-stock company “MST”, reported the press-service of “COMSTAR - United TeleSystems”.
The shares have been sold for a cash consideration of US$ 20 million.  Comstar acquired the stake from Antel Holdings LLC in September 2005 for the total cash consideration of US$ 12,2 million.  Comstar's equity participation in the results of Metrocom will be discontinued with effect from today's date. Financial impact of this transaction will be included in Comstar’s first quarter 2007 financial results.

Eric Franke, President of Comstar UTS, commented: “This sale is in line with our aim to have controlling stakes in all of our operating subsidiaries and does not imply that Comstar is withdrawing from the St. Petersburg area. We continue to focus on this territory and have a presence there through our daughter company Astelit. We are also evaluating several options to further expand Comstar’s operations there”.