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Moscow, October 4 2004. CenterTelecom (RTS: ESMO, ESMOP; OTC: CRMUY) announced about the acquisition of 59 % of TverTelecom alternative operator.
The increase in the ownership of TverTelecom was made according to the model of the company’s affiliate’s reorganization. The model is aimed at decreasing the costs linked with the participation in affiliated companies as well as generation of additional income. In this connection the company’s Board of Directors decided to increase its share in TverTelecom.
As of the results of the transaction CenterTelecom share in the operator’s authorized capital increased from 26 % to 85 %. CenterTelecom received 59 % of TverTelecom shares in exchange for 40 % of Tver Cellular Communications NMT operator. 15 % of TverTelecom are owned by Rostelecom.
TverTelecom provides IP telephony and Internet access services as well as services on the basis of its own intelligent platform. The company’s annual turnover is about 1 million dollars.
Contacts:
CenterTelecom is a leading fixed communications company providing the entire range of telecommunication services in the Central Federal District where over 20 % of the population of Russia resides. CenterTelecom offers the full range of telecommunication services, including telephony service, the Internet, IP telephony, data communications, CATV, wired and VHF broadcasting. The company actively develops modern multiservice and SDH networks as well as new radio access systems. The Company trades on RTS (ESMO, ESMOP), Moscow Interbank Currency Exchange (CTEL, CTELP) and has ADR Level 1 common stock program (CRMUY).
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