OREANDA-NEWS. November 2, 2007. OJSC VolgaTelecom (RTS: NNSI/NNSIP, MICEX: VTEL/VTELP, ADR: VLGAY) has completed the payment of dividends and transferred RUR 624,2 million to shareholders accrued on ordinary and preferred shares based on the results of the Company’s operations in 2006 fiscal year.

The Company has paid dividends on ordinary shares amounting to RUR 385 944 596, which is 99,46% of the total amount of dividends accrued on ordinary stock. The dividend accrued on one ordinary share amounted to RUR 1,5776.

The total amount of dividends paid on preferred shares accounted for RUR 238 178 859, which is 97,07% of the total amount of dividends accrued on preferred stock. The dividend accrued on one preferred share amounted to RUR 2,9928.

The dividends were pain in cash.

The resolution on the size and the time period of dividends payment was passed by annual general meeting of VolgaTelecom’s shareholders on June 22, 2007. In addition, based on the resolution of annual general meeting of shareholders, the Board of directors introduced amendments and modifications to Dividend Policy Regulations according to which the time period of payment of dividends on VolgaTelecom’s ordinary and preferred stock was reduced by more than 1,5 month vs. the prior years.

The Company’s dividend policy is based on Dividend Policy Regulations elaborated in accordance with current legislation of the Russian Federation, OJSC VolgaTelecom Charter, and the guidelines of the Company’s Corporate Governance Code. The Regulations are to ensure the transparency of determining the size of dividends and the procedure of their payment, and the Company’s Board of directors is governed by the Regulations when making decisions on dividends payment.