Our Asia and Africa business units witnessed strong subscriber growth of 19% exceeding the 86 million mark. Net income for the quarter reached $318 million. VimpelCom has not only delivered good revenue and EBITDA growth, but we have also delivered a solid cash flow generation with net cash from operating activities of $1.6 billion.
The cash flow targets combined with profitable growth are fundamental KPIs for our company on which we’re measuring our performance and again I am satisfied with the progress and the results we’re delivering in the first quarter.
Moving on to the strategic effect and some main recent events, as you all know our Orascom Telecom holding has submitted a formal notice or arbitration against the Government of Algeria. However, regardless of this notice, we would like to reiterate that we remain open and in discussions with the Algerian Government to finding a mutually beneficial resolution to the solution in Algeria. Recently, we also refinanced the significant part to our debt maturing in 2012 with the issuing of bonds in March and in April in Russia and Italy.
In the late April, VimpelCom announced the sale of its controlling interest in GTEL Mobile in Vietnam. This action reflects the company’s ongoing strategic portfolio analysis which is a core component of VimpelCom’s value agenda. The portfolio review is aimed at focusing on allocating capital to those markets were the company seize the best opportunities to generate shareholder value.Also in April, the Russian Antimonopoly Service named VimpelCom as a third-party in its claim to validate Telenor’s February purchase of 234 million VimpelCom preferred shares from Weather II. In late April, a Russian court issued an injunction that prohibit VimpelCom from exercising certain specific shareholder rights in OJSC VimpelCom during the [tendency] of this case. However, the injunction does not prohibit VimpelCom from exercising its shareholder rights to approve dividend payments and to reelect the current OJSC Board members.
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