OREANDA-NEWS. The Board of Directors of Svyazinvest (hereinafter, the Company) held a meeting in absentia in Moscow on April 15, 2013.

On the first issue, the Board of Directors passed a resolution to raise the Company’s stake in Rostelecom by purchasing 12,644,374 (twelve million six hundred and forty thousand three hundred and seventy four) common non-certificated nominal shares in Rostelecom from Mobitel. This decision was adopted pursuant to RF Presidential Decree # 340, dated March 24, 2012, which specifies that the state, represented by Vnesheconombank, shall maintain control over more than 50 percent of Rostelecom common shares when Svyazinvest merges with Rostelecom.

Furthermore, at this meeting the agreement on purchase/sale of shares with Mobitel, the approval of which was the second item on the agenda, was not approved because one of the members of the Board of Directors refrained from the voting on this issue.

According to the Charter of Svyazinvest, a resolution can only be passed at meetings held in absentia if all members of the Board of Directors vote in favor of such an issue.