FETEC (Dalsvyaz) Board of Directors took resolution to sell 40% of shares of the JSC FECS-900 (Joint Stock Company Far East Cellular Systems-900) on February 18, 2004. The buyer is MTS company holding 60% of this company shares. Transaction amount is $ 8,300,000 USD.
Alexey Skrylnikov, deputy director of the FETEC (Dalsvyaz) Corporate Development department says about plans to close a deal in the second quarter of 2004 when Russia Antimonopoly Ministry will permit to meet engagements of paying and transferring shares. According to Alexey Skrylnikov such deal is within affiliated business efficiency improvement measures taken by FETEC (Dalsvyaz). Affiliated business reorganization provides termination of shareholding in companies beyond Company control. FETEC (Dalsvyaz) will contribute Proceeds of termination of shareholding in FECS-900 to telecommunication development.