OREANDA-NEWS. On June 04, 2007 “COMSTAR - United TeleSystems” JSC (“Comstar”) (LSE: CMST|) announced that it has acquired the remaining 25% minority stake in the Ukrainian subsidiary Comstar- Ukraine from Neotel, its Ukranian partner, for a total cash consideration of US$ 0,9 million. Following the closing of this transaction Comstar UTS will become the sole owner of Comstar-Ukraine, reported the press-centre of COMSTAR.

In accordance with the local laws, Comstar purchased 24% stake in Comstar-Ukraine, while UTS MGTS (100% subsidiary of MGTS), acquired the remaining 1% stake.

Mladen Pejnovic, Vice President for International Business Development, commented: “This acquisition was done in accordance with the Company’s strategy of consolidating minority shareholdings in its subsidiaries to allow full control over the development and operations in these companies.”