MOSCOW, April 5 (RIA Novosti) - Telecoms holding AFK Sistema plans to buy 66% of international group WaveCrest for $35 million, the Russian holding said in a statement Wednesday.

AFK Sistem will buy an additional issue of WaveCrest Group Enterprises Ltd. shares.

The statement said the deal would be completed in the second quarter of 2006 after getting necessary approvals. The funds received will be spent on the company's further development and expansion of the services it provides.

WaveCrest Group specializes in wholesale trade in international traffic and IP telephony and has offices in London, Paris, Amsterdam, New York and other big cities. It services more than 300 world's leading telecommunications operators. Its turnover in 2005 was about $280 million.