OREANDA-NEWS. OJSC VolgaTelecom Board of directors preliminarily approved the Company’s annual statement for 2006 and recommended to the annual general meeting of shareholders to approve the annual statement, annual accounting statement, including the Company's profit and loss statement.

The Board of directors adopted the decision to recommend to the annual general meeting of shareholders to distribute the Company’s profit, based on the results of the reporting (2006) fiscal year, in the following way:

Dividends payment – 633 401 556,68 roubles, including:

• On preferred shares - 2,9928 roubles per a share;
• On ordinary shares - 1,5776 roubles per a share;

Dividends are to be paid in money form on preferred shares starting since 15.07.2007 to 01.11.2007, on ordinary shares starting since 15.07.2007 to 01.11.2007.

Also, 1 820 186 159,05 roubles will be allocated for the increase in the Company's equity capital.