OREANDA-NEWS. June 9, 2008. Implementing the strategy of sold out of non-core businesses and in accordance with the resolution of the Board of Directors (Minutes 19-01/07(08) dd. 31st March, 2008), North West Telecom sold out a 25.00019% stake in the Closed Joint-Stock Insurance Company " Ме dexpress". The passing of property right took place on 02nd June, 2008.

The decision on divestment of a block stake in Ме dexpress complies with the earlier declared strategy of NWT in the field of managing subsidiary companies, namely selling of assets that North-West Telecom can’t actively manage. The further growth of Ме dexpress business envisaged constant and proportional increase of its equity by way of additional investments from the shareholders into the company’s authorized capital. Taking into account the high NWT’s capex program in year 2008, management of the company decided that investment in non core business wouldn’t be attractive.

The stake was sold out by an attractive price, but the sum of the deal is not being disclosed at the agreement of the parties. Revenue from a Medexpress divestment will go to finance the NWT’s investment program.

The buyer – ROSNO JSC, the major shareholder of Medexpress took the highest interest to that stake. Acting within the strategy of leadership on regional and federal regions, ROSNO JSC take the policy of the active acquisition of a big and medium insurance companies. After the completion of the deal the company will own 96% of shares of JSIC Ме dexpress.

In its turn, North West Telecom plans to carry on the mutually cooperation with Ме dexpress as an insurance services customer.