print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all Svyazinvest press releases

Svyazinvest

March 4, 2003

Volga Telecom EGM discusses purchase of 50% stake in NCC

Volga Telecom held an extraordinary general shareholders meeting on February 12, 2003 in absentia. The main item on the agenda discussed by shareholders was the purchase of a 50% stake in Nizhny Novgorod Cellular Communication (NCC).  

All in all, shareholders and their proxies representing 63,917,004 shares, which is 54.26% of the company’s total shares outstanding, were eligible to take part in the meeting, except for the voting shares acquired (bought up) by Volga Telecom, and the shares owned by individuals deemed interested parties in this transaction.  

When the votes results were tallied 53.15% of shareholders voted “for” and approved the purchase of 50,000 (fifty thousand) common nominal non-document shares of ZAO NSS, which represents 50% of the charter capital of ZAO NSS, at a price of 20,000,000 (twenty million) US dollars in accordance with the terms and conditions of the sale between the company and Russian Telecommunications Development Holding Corporation.  

The list of individuals entitled to attend the extraordinary shareholders meeting was compiled on the basis of the shareholders roster as of December 26, 2002. Based on the results of the voting, an agreement was signed on February 27, 2003 in accordance with which the final settlement will be made between the parties during this week.  

For the record: Nizhny Novgorod Cellular Communication (NCC) was established by Volga Telecom jointly with Russian Telecommunications Development Holding Corporation in 1995.  

NCC operates on GSM 900/1800 standard.  At the present time the company holds roughly a 52% share of the cellular market in the Nizhny Novgorod region, and ranks among the largest 10 mobile communication operators in Russia. According to data as of beginning of 2003 NSS has around 170,000 subscribers.

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G H I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer