OREANDA-NEWS. On 12 March 2008 Southern Telecommunications Company (“UTK”), the principal fixed-line telecommunications provider for Russia’s Southern Federal District, reported that it launched the public program of market notes in order to finance the Company’s current operations and to refinance its short-term liabilities.  Total volume of the program is 2 billion roubles. The first tranche of the program worth 358 million roubles with time of maturity of 3 months was placed on March 6, 2008. The remaining amount is planned to be drawn during March of 2008. OAO AKB “Svyaz-Bank” acts as the organizer of the program.