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Dalsvyaz

February 6, 2004

FETEC (Dalsvyaz) improves efficiency of work with subsidiaries

The Board of Directors of the OJSC FETEC (Dalsvyaz) accepted a proposal of MC Direct Co. Ltd. to but NMT assets share holding of three cellular companies such as PJSC Cellular Communication of Birobidzhan (60%), PJSC Khabarovsk Cellular Phone (30%) and PJSC Amur Cellular Phone 19%).

Alexander Zheludkov, deputy Director General of the OJSC FETEC (Dalsvyaz) on corporate development mentions independent audit of three share holdings and evaluation result to be $500 000 USD. Alexandre Zheludkov said that two companies such as PJSC Sky Ling offering $300 000 USD and MC-Direct offering $550 000 USD applied to FETEC (Dalsvyaz). The Company Board of Directors considered the proposals and took a resolution to terminate share in NMT-450 operators. Alexandre Zheludkov says that share of FETEC (Dalsvyaz) in these companies was inefficient and without prospects. Neither of them has dividend history, besides the Company has small shares in two of these companies i.e. PJSC Khabarovsk Cellular Phone and PJSC Amur Cellular Phone 30% and 19% respectively. He also mentioned that the buying in had not taken place yet as contractors had to take some legal procedures and make calculations.

Alexandre Zheludkov said that the company analyzed efficiency of FETEC (Dalsvyaz) share holding in authorized capitals of other businesses in order to improve return on such share holding. The Company plans to dispose of assets where investments have insignificant return and fail to create company competitive advantages on the market.

 

 

 

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