On 15th March 2007 the branch of the Russian Foundation of Federal Property in St. Petersburg and Leningrad Oblast held an auction for the sale of the state-owned block of shares of JSC North-West Telecom.  

3.337% of shares of the Authorized Capital of JSC North-West Telecom were offered at the auction, including:

• 37,758,895 of JSC North-West Telecom's common shares;
• 5,276 of JSC North-West Telecom's preferred shares.

The auction was of open type by its participants and by the form of filing bids on the price of property. Applications for the auction were accepted from 29th December 2006 till 12th March 2007.

The initial price of the block of shares was RUR 1,124,117,000.

According to the results of the auction, LLC Metropol Investment Company, which offered RUR 1,544,117,000 for JSC N.W.Telecom's block of shares, was recognized the winner.

In spite of the current unfavourable market situation, the final price of the block of shares exceeded the initial price by 37.4%, which shows a significant interest among investors in the shares of JSC North-West Telecom.

You may get more detailed information on the auction for the sale of OJSC N.W.Telecom's shares at the web site Ðîññèéñêîãî ôîíäà ôåäåðàëüíîãî èìóùåñòâà or in the official bulletin of the Russian Foundation of Federal Property Reform.