OREANDA-NEWS. July 10, 2012. The board of directors of Svyazinvest (hereafter, the Company) held a regular meeting on June 29, 2012.

The board passed a resolution whereby Svyazinvest is to exchange under a swap agreement 6,482,736 common nominal uncertificated shares in Sky Link for 56,287,425 common nominal uncertificated shares in Rostelecom which are owned by Mobitel.  In this case, Svyazinvest will acquire 1.91% of the total number of authorized common nominal uncertificated shares in Rostelecom.

The board of directors approved the price of the shares in Rostelecom to be purchased by the Company based on an assessment made by independent appraisers of the operator’s market value. It amounts to 9,400,000,000 (nine million four hundred thousand) rubles.

Accordingly, the Company’s board of directors passed a resolution to terminate participation in Sky Link by divesting 6,482,736 common nominal uncertificated shares of Sky Link, which are equal to 50% of its share capital and approve participation in Rostelecom.

The Company’s board of directors also passed a resolution to convene the annual general meeting of shareholders on July 23, 2012 at 3 o’clock p.m. at the following address: 55 Plyushikha St., bldg. 2, Moscow with the following agenda:  On approval of a related-party transaction under a share swap agreement stipulated between Svyazinvest and Mobitel.

The board also examined a number of other issues related to the Company’s internal activity.