MegaFon shareholders unite against Alfa

9 Mar 2005

The major shareholders in Russian cellco MegaFon have signed an agreement that they say will strengthen their working relationship and ensure transparency in the governance and operating of the operator. The contract means that TeliaSonera, TelecomInvest and IPOC International Growth Fund Limited are jointly refuting the claim made by the Alfa Group that it has a stake in MegaFon. Alfa, which owns a substantial stake in rival operator Vimpelcom, bought shares of MegaFon in 2003 which IPOC claimed to have had an exclusive option on. The pair have spent the best part of two years contesting who is the rightful owner of the stake in various courts. TeliaSonera, TelecomInvest and IPOC International Growth Fund Limited hope that by joining forces they can bring a swift end to Alfa’s claim of ownership and proceed with a planned public listing of MegaFon.

Russia, MegaFon, Telia Company