Moscow, November 16, 2004 - CenterTelecom (RTS: ESMO, ESMOP; OTC: CRMUY) informs about the sale of its ownership in Kaluga Cellular Communications and Bryansk Cellular Networks.
The company has disposed of the aforementioned cellular assets to reorganize its affiliated businesses in order to optimize the structure of the company’s business and to improve the financial results of its operations.
The decision of disposition of cellular assets was passed by the Company’s Board of Directors on July 13, 2004.
CenterTelecom sold its 42 % (forty-two percent) share in Kaluga Cellular Communications and 34.4 % (thirty-four point four percent) in Bryansk Cellular Networks to ??-Direct. The buyer took advantage of the pre-emptive right of a shareholder to redeem the shares being sold.