OREANDA-NEWS. On 23 March 2009 Southern Telecommunications Company (“UTK”) [(RTS: KUBN, KUBNP; МICEX: UTEL, UTELP; ADR OTC: STJSY, KUE FRA)], the principal fixed-line telecommunications provider for Russia’s Southern Federal District reported that its Board of Directors approved some amendments to the Provisions of the Dividend Policy of "Southern Telecommunications Company" PJSC (Minutes № 20 of 11 March 2009).

Southern Telecommunications Company continues to create conditions for payment of dividends on the Company’s shares in the declared amount in order to ensure the rights and interests of the shareholders and to reduce tax risks associated with dividend payment.

Among other, the amendments state the accounting procedure of expenses referred to dividend payment. Payment of declared dividends is the duty of the Company to be fulfilled at its own expense.