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. Last Updated: 07/27/2016

Alfa Makes Gains in Telenor Fight

Alfa Group has won the upper hand in elections to the board of VimpelCom, the country's second-biggest mobile phone operator, but said a dispute with rival shareholder Telenor over expanding into Ukraine was left unresolved.

Shareholders in VimpelCom elected three candidates to the company's nine-member board and two more Alfa nominees as independent directors late Wednesday.

Norway's telecom group Telenor also secured three board seats, but only one of its two nominees was elected as an independent director.

"Today's election of the board will therefore technically change nothing regarding the important issue of VimpelCom's expansion into Ukraine," said Alfa's telecommunications offshoot, Alfa Telecom, in a statement.

The board of VimpelCom has voted by a margin of six votes to three in favor of acquiring Ukraine Radio Systems, a Ukrainian mobile phone company operating under the WellCom brand.