OREANDA-NEWS. October 07, 2010. OJSC Rostelecom (“Rostelecom”, RTS and MICEX: RTKM, RTKMP; OTC: ROSYY) announces that Rostelecom and COMSTAR – United TeleSystems OJSC (“Comstar Group” – LSE: CMST) have completed a series of transactions involving the sale by Comstar Group to Rostelecom of the 25%+1 share in the charter capital of Telecommunication Investment Joint Stock Company (“Svyazinvest”). In conjunction with these transactions, Rostelecom transferred RUB 26 billion to Comstar Group.

Specifically, Rostelecom acquired 17.31% of the charter capital in Svyazinvest for RUB 18 billion from COMSTAR-UTS OJSC and 7.69% from MGTS Finance S.A., a part of Comstar Group, for RUB 8 billion.

The proceeds from the sale were used by Comstar Group to pay off its debt obligations to Sberbank ahead of schedule.