Press release
The Board of Directors of Svyazinvest (hereinafter, the Company) held a regular meeting in Moscow on September 24, 2009. The meeting was devoted to an examination of the new version of the Company’s draft Charter.
This issue was repeatedly placed on the agenda of the Board of Directors for discussion in July and was subsequently discussed at the Corporate Management Committee under the Board of Directors. At this meeting, the board adopted a decision to approve the draft Charter in the version forwarded to the meeting and recommend the Company’s Management Board to forward it for coordination to the respective ministries and agencies, attaching a special opinion expressed by the representatives of Comstar-UTS at the Board of Directors concerning various provisions in the draft Charter.
The Company’s Board of Directors also approved an action plan for the fourth quarter of 2009 and the first quarter of 2010. In the near future, the Board of Directors plans to approve the Company’s rollout strategy.
The Board of Directors heard a report by the management of the Company on the current standing of the Svyasinvest Group of companies and measures which are being taken to stabilize the Group amid the economic downturn. The report notes that management’s main thrust over the past year and a half has been aimed at providing sufficient financing for the Group’s companies, lowering risks and reducing the value of borrowed funds. In order to lower the financial risks of the Group’s companies, work continued to increase the portion of long-term borrowings and ruble-denominated borrowings. The report pointed out that this year the Group of companies has already gone through and is getting ready for the remaining peak debt repayment periods. In addition, a reserve has been set up to help get through peak payments until the middle of 2010. The board took this report under advisement.
The Board of Director meeting also heard a report on the headline operating and financial indicators of North-West Telecom, which was delivered by the general director of this company, Vladimir Aklulich. The Board of Directors of the Company adopted a decision to focus the Management Board of Svyazinvest on the unsatisfactory financial results of North-West Telecom, which were presented in the report by Mr. Aklulich.
The Board of Directors also examined other issues which concern the Company’s current activities.
The Company’s Board of Directors was attended by the following persons:
- Mikhail R. Butrin, managing director of VTB-Invest;
- Sergey A. Drozdov, senior vice-president, manager of the proprietary complex of AFK Sistema;
- Mikhail A. Leschenko, advisor to the Ministry of Telecommunications and Mass Communications of the Russian Federation;
- Konstantin V. Malofeev, Managing Partner of Marshall Capital Partners, a direct investment fund;
- Marlen J. Manasov, member of the board of directors of UBS Bank;
- Sergey V. Pridantsev, president of Comstar-UTS;
- Leonid D. Reiman, advisor to the president of the Russian Federation;
- Ivan I. Rodionov, professor of state university The Higher School of Economics;
- Nikita D. Ryauzov, managing director of MDM-Bank.
