OREANDA-NEWS. On 07 July 2008 was announced, that the session of Arbitrazh court of Nizhny Novgorod oblast was held in Nizhny Novgorod. The court tried the suit of OJSC SMARTS against OJSC VolgaTelecom (VT) of canvassing to perform the obligations under purchase and sale contract of ZAO Ulyanovsk-GSM shares.

Within the frame of exploratory talks the parties came to the agreement of the dispute resolution by making amicable settlement. In the court session the court approved the amicable settlement.

“In the course of the talks the parties settled all the queries, - notes Denis Kostin, deputy to VolgaTelecom’s General Director – the Company’s CFO, - the terms of amicable settlement in full promote the interests of both the parties”.

In 2007 OJSC VolgaTelecom brought its stockholding in OJSC TATINCOM-T (cellular operator in the Republic of Tatarstan) to 100% and completed the reorganization of its cellular business by establishing regional provider, operating in 6 subjects of the Volga Federal district, on the basis of ZAO NSS. Now there is an opportunity to affiliate the seventh subject to the united regional operator.

“We always considered consolidation of our cellular business in Ulyanovsk oblast as one of milestones of realization of the Strategy of cellular business development adopted by the Company, - adds Denis Kostin. ZAO Ulyanovsk-GSM is a dynamic company with strong management. ZAO NSS is a large operator having the experience of successful competition with federal players in the entire Volga region and sound expertise in enhancement of economical efficiency. Both the client and our shareholders will benefit from the settlement made today.”