OREANDA-NEWS. On August 18, 2009 Southern Telecommunications Company ("UTK") [(RTS: KUBN, KUBNP; МICEX: UTEL, UTELP; ADR OTC: STJSY, KUE FRA)], the principal fixed-line telecommunications provider for Russia's Southern Federal District, announced that it held an open contest for the right to conclude an agreement on the non-revolving credit line with a total limit of 3,000,000,000.00 (three billion) rubles, reported the press-centre of UTK.

Two credit institutions took part in the auction, namely CJSC Globeksbank and OJSC AKB Bank of Moscow. The maximum price of the agreement was 18.4% per annum. Joint –Stock Commercial Bank “Bank of Moscow” proposed the lowest interest rate under the credit of 15.64% per annum and won the contest.