OREANDA-NEWS. Annual general meeting of OJSC VolgaTelecom shareholders was held on June 22, 2007 in Nizhny Novgorod. Shareholders and their representatives holding in the aggregate 171 737 625 votes or 69,82% of the Company’s voting shares took part in the meeting.

In the course of the meeting the shareholders approved the annual report, the annual accounting statement, introduced changes to the Company’s Charter and in a number of Provisions regulating the Company’s activities and its management bodies.

OJSC VolgaTelecom shareholders passed the resolution of distributing the Company’s profit at 2006 end as follows: gains in the Company’s equity - RUR 1 820 186 159,05, dividends payment - RUR 633 401 556,68, including:

- On preferred shares - RUR 2,9928 per a share; payout time - from July 15 to November 1, 2007;

- On ordinary shares - RUR 1,5776 per a share; payout time - from July 15 to November 1, 2007.

On June 2, 2007 the first session of new Board of directors was held; Mr. Kuznetsov Sergey Ivanovich was elected the chairman of the Board of directors and Mr. Zhelonkin Vladimir Borisovich was elected deputy to the chairman of the Board of directors.

Mr. Sergey Omelchenko - OJSC VolgaTelecom General Director said in his report: “Taking stock of year 2006 we are happy to state that the lines of activities selected by us as the priority trends oriented to retaining the Company’s power in the market and further network development have yielded positive results. We are actively implementing modern communication services based on leading-edge technologies, mastering new lines of business, which enables the Company to be the leader in telecommunications market of the Volga region. 

The achievement of high performances required from the Company to take further steps both in technical infrastructure development and in changing marketing policy emphases related to introduction on the market of a line of demonstrative brands and the star of realization of the projects of promoting comprehensive services. We associate the Company’s future dynamic development with integration of services on the basis of wire networks, considerable increase in the range of services and concurrent introduction on the market of package services”.

For more details of the meeting, please, visit the Company’s Internet site at: www.vt.ru