COPENHAGEN, Denmark, July 4, 2001 (PRIMEZONE) -- GN Great Nordic (CSE:GNS) has divested two of its business activities, in line with the com-pany's strategy to enhance its focus on its core businesses NetTest, GN ReSound and GN Netcom.
GN Great Nordic has divested its 4.17% stake in oil and gas company Denerco, recording an accounting gain of approximately DKK 27 million.
In addition, the GN Great Northern Telegraph Company and the other Danish shareholders, the Investment Fund for Eastern Europe and Ascom Danmark have agreed to a combined sale of the Danish stake in ZAO Saint Petersburg Taxo-phones, a card phone operator in St. Petersburg, Russia, to the main shareholder OAO Telecom-Invest of Russia. The agreement is subject to the final approval of the Russian anti-trust authorities. The sale will have a negligible impact on GN Great Nordic's full-year results.