Norwegian Government Prepares for Telenor IPO

STOCKHOLM (04/14/2000) - Norway's Ministry of Transport and Communications and Telenor AS in a joint statement issued yesterday announced the appointment of Goldman Sachs and DnB Markets as the global coordinators for the planned initial public offering (IPO) of Telenor, the country's state-owned telecommunications carrier.

Although the listing has yet to receive formal approval by the Norwegian government as well as Stortinget, the country's parliament, the Ministry of Transport and Communications is still optimistic that the flotation of Telenor can take place as scheduled late in the third quarter, Eva Hildrum, a spokeswoman at the ministry, said in a telephone interview today.

The statement said that the decision to appoint the lead banks at this early stage was made to enable thorough preparations prior to the planned listing.

Separately, Hildrum also confirmed that the ministry late last month decided that Sweden's Telia AB will be allowed to keep its license to build a GSM (global system for mobile communications) network in Norway. Telia had fallen behind in its efforts to deploy the network following the breakup late last year of a planned merger between Telenor and Telia.

The Telia network will compete with the country's two existing mobile networks, one of which is operated by Telenor.

Telenor, in Oslo, can be reached at +47-22-77-60-60, or via the Web at http://www.telenor.com/.

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