Valuation of BeST (Belarusian Systems of Telecommunication)

Carner was chosen to analyze and valuate the Belarusian state owned Joint Stock Company BeST (Belarusian Systems of Telecommunication) in the fall of 2007. The Belarusian state considered to divest the shares of this telecom company, which held a long term license for mobile telecom operations in certain geographical areas of Belarus. Since the divestment was an extraordinary issue, the management of JSC BeST wanted to have an independent Fair Value Opinion of the Company value and to get a better understanding of the possible divestment process.

The Belarusian state decided to enter into a direct sales process, and as a result of these negotiations, 80 % of JSC BeST was sold to Turkcell on July 30th, 2008.