June 27, 2008, Moscow: COMSTAR–United TeleSystems (COMSTAR-UTS, LSE: CMST), the leading operator of integrated telecommunication solutions in Russia and the CIS, announces that on 27 June 2008, general annual shareholders’ meeting of open joint-stock company Moscow Telephone Urban Network forming a part of COMSTAR-United TeleSystems Group was held. During the meeting, the following decisions were made:
Shareholders approved by a majority of vote distribution of dividends according to results of 2007 to the amount of 4.70 RUB per equity stock and 46.98 RUB per preferred stock. A total of 1.125 bln. RUB will be spent on distribution of dividends according to results of 2007. 750.075 mln. RUB will be spent on distribution of dividends for preferred stocks, which makes 10% of net profit for 2007; 375.197 mln. RUB will be spent on distribution of dividends for equity stocks, which makes about 5% of net profit for 2007.
Shareholders of OAO MGTS also approved annual statement, annual accounts, including profit and loss statement (loss and gain accounts) of OAO MGTS for 2007, loss and profit allocation of OAO MGTS according to results of a reporting (2007) fiscal year.
Shareholders have elected a new composition of the Company Board of Directors as follows:
Kirill Andreychenko, Corporate management and legal issues director with OAO COMSTAR-United TeleSystems, nominated by OAO COMSTAR-United TeleSystems,
Mikhail Bedin, Director of subscriber access network operations department, nominated by COMSTAR-UTS,
Aleksey Goncharuk, First Vice President of OAO COMSTAR-United TeleSystems, nominated by COMSTAR-UTS,
Aleksandr Kiselev, General Director of OAO Svyazinvest, nominated by OAO Svyazinvest,
Shamil Kurmashov, Vice President of complex – Head of Telecom Assets Development Complex Project, (Sistema Telecom) OAO AFK Sistema, nominated by COMSTAR-UTS,
Victor Lisenkov, Head of Branch Legal Support Department for Telecom Assets Development Project, (Sistema Telecom) OAO AFK Sistema, nominated by COMSTAR-UTS,
Irina Matveeva, Vice President, Economics and Finances, OAO COMSTAR-United TeleSystems, nominated by COMSTAR-UTS,
Andrey Morozov, Head of Legal Department, Moscow Office of NCH Advisors, Inc., nominated by Lindsell Enterprises Limited,
Oleg Mukovozov, Corporate Management Director of OAO COMSTAR-United TeleSystems, nominated by COMSTAR-UTS,
Sergey Pridantsev, President of OAO COMSTAR-United TeleSystems, nominated by COMSTAR-UTS,
Viktor Savchenko, Executive Director - Director of Corporate Management and Legal Department of OAO Svyazinvest, nominated by OAO Svyazinvest,
Elena Selvich, Executive Director –Director of Economics and Finances with OAO Svyazinvest, nominated by OAO Svyazinvest,
Auditing committee of the Company comprised as follows:
Elena Vladimirovna Lagutina, OAO Comstar-OTS.
Svetlana Georgievna Krzhechevskaya, OAO Comstar-OTS.
Grigory Nikolaevich Zerkal, OAO Comstar-OTS.
Grigory Dmitrievich Saenko, OAO Comstar-OTS.
Sergey Sergeevich Vasiliev, OAO Comstar-OTS.
Shareholders have elected ZAO Deloitte and Touche CIS as an external auditor of the Company for 2008.
Shareholders' meeting was followed by administrative meeting of new Board Directors of OAO MGTS. During this meeting, S. Pridantsev was elected a Chairman of the Board.
The major shareholders of OAO MGTS are OAO COMSTAR-United TeleSystems (55.73% share in the authorized capital, and 66.88% of equity stocks) and OAO Svyazinvest (23.33% share in the authorized capital, and 28.00% of equity stocks).
Background information:
Net profit of OAO MGTS according to results of 2007 totalled 7,501,061 th. RUB. This amount includes revaluation of shares of OAO COMSTAR-United TeleSystems. Without revaluation of shares, a net profit amount for 2007 would total 6,244,207 th. RUB.
Authorized capital of OAO MGTS is 3,831,802 th. RUB and it is divided into 79,829,200 equity stocks with par value of 40 RUB each and 15,965,850 preferred stock with par value of 40 RUB each.
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