OSLO, Norway, Sept. 3, 2002 (PRIMEZONE) -- Telenor Mobile Communications AS ("Telenor") (Nasdaq:TELN) has entered into a transaction with Storm LLC ("Storm") whereby Storm purchases 7.7 per cent of the shares in Closed Joint Stock Company "Kyivstar G.S.M.," the leading Ukrainian mobile operator, from Telenor for USD 31 million. After giving effect to the transaction, Telenor will own 54.2 per cent and Storm 40.1 per cent of the issued and outstanding shares in Kyivstar. The transaction is anticipated to be completed within 6 to 8 weeks.