OREANDA-NEWS. Rostelecom OJSC (MOEX: RTKM, RTKMP; OTCQX: ROSYY), Russia's national telecommunications operator, today announces that its Board of Directors has made the following decisions:

To set the date for the Extraordinary General Meeting of shareholders (“EGM”) for December 30, 2013. The agenda will comprise the approval of the Company's reorganisation by spinning off Rostelecom's integrated mobile assets to CJSC RT-Mobile;

To set November 20, 2013, as the EGM record date;

To set the price for the possible share buyback from those shareholders who vote against the reorganisation or abstain from voting in the upcoming EGM at RUB 123.93 per ordinary Rostelecom share and RUB 87.80 per preferred share. The price for the buyback of ordinary and preferred shares has been set at the level determined by LLC EY, an independent appraiser.

The Company's reorganisation in the form of spinning off its integrated mobile assets into its new wholly owned subsidiary CJSC RT-Mobile is aimed at optimising the management structure of Rostelecom's mobile assets.

The Board has also approved the key components of the Company's strategy to 2018 and has instructed the Management team to submit the finalized strategy at the nearest Board Meeting.