OREANDA-NEWS. Southern Telecommunications Company (“UTK”) [(RTS: KUBN, KUBNP; МICEX: UTEL, UTELP; ADR OTC: STJSY, KUE FRA)], the principal telecommunications provider for Russia’s Southern Federal District, announces an open contest for the right to extend credit (credit line).

Lot №1. Credit line with a total limit of 1,000,000,000.00 (one billion) rubles for a term of 3 years (May 2007 – May 2010).

Lot №2. Credit line with a total limit of indebtedness of 500,000,000.00 (five hundred million) rubles for a term of one year  (May 2007 – May 2008). Period of the credit turnover is 30 (thirty) days. The turnover starts from the actual date of the credit provision.

The Contest Commission will sum up the results of the competition on 27th April 2007.