Norwegian Government positive to participate in rights issue in Telenor ASA

The Norwegian Government is, under certain conditions, willing to participate in the rights issue in Telenor ASA and to put forward a parliamentary bill on the issue to the Norwegian Storting.

- The Government is positive to participate in the rights issue in connection to Telenor’s investment in Unitech Wireless in India, states Sylvia Brustad, Minister of Trade and Industry.

-The main objective of the State’s ownership in Telenor is to contribute to a good and long-term industrial development of the company, as stated in White paper no. 13 (2006-2007). In line with our objectives we have stated that we are willing to participate in a rights issue for our pro rata share, says the Minister.

The participation is constricted by the following conditions: The transaction being recommended by the Board of Directors of Telenor, parliamentary approval, ordinary rights issue with an upper limit of 12 billion NOK, and that the terms of the issue are acceptable and commercial based.