OREANDA-NEWS. Open Joint Stock Company "Vimpel-Communications" ("VimpelCom" or the "Company") (NYSE: VIP), today announced the closing of the transaction to acquire 10% of the shares of ZAO ArmenTel from the Government of Armenia. The price of these shares is approximately Euro 38,6 million., which constitutes 1/9 of the final price paid by VimpelCom for 90% of the shares of ZAO ArmenTel acquired in November 2006. In addition, VimpelCom will pay an amount representing 10% of the retained net profit of ZAO ArmenTel for the period following the closing of the acquisition of 90% of the ArmenTel shares and up to the closing of the acquisition of 10% of the ArmenTel shares from the Government of Armenia.

ArmenTel is a fixed-line and mobile operator in Armenia with licenses in the GSM-900 and CDMA standards.  ArmenTel’s subscriber base includes approximately 608,500 fixed-line subscribers and 452,000 mobile subscribers.

The VimpelCom Group includes cellular companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan and Tajikistan, and recently acquired companies in Georgia and Armenia. The VimpelCom Group's cellular license portfolio covers a territory with a population of about 240 million. This includes 77 regions of Russia (136,5 million people, representing 94% of the Russia's population), and the entire territories of Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, and Armenia. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange ("NYSE"). VimpelCom's ADSs are listed on the NYSE under the symbol "VIP"