Kazan City Telephone Network joins "Tattelecom"
Stock holders of public corporation "Kazan City Telephone Network" will solve a question about joining with public corporation "Tattelecom" during special meeting on November 25, 2005. List of stock holders for participation in meeting was made by company roll information dated by October 10.
According to amalgamation scheme approved by council of directors from both companies, ordinary and preference shares of Kazan City Telephone Network (CTN) will be converted into additional ordinary shares of "Tattelecom". For that "Tattelecom" will issue 4958836400 ordinary shares with nominal of 0.1 rubles. Coefficient of convert for ordinary Kazan CIN share will be 1:4, for preference - 1:3.
Kazan CIN renders services of telephone wire line and takes 97% of local telephone market in Kazan. Authorized capital stock of Kazan CIN amounts to 124.62 millions of rubles. Company emitted 1220298800 ordinary and 25880400 preference shares with nominal 0.1 rubles. Tatarstan government in the person of "Svyazinvestneftchim" owns 41.28% of shares. Among stock holders are Tatfondbank (14.8%) and DKK (11.8%).
Tattelecom renders services of rural, long-distance and international calls, telegraphy, wired radio and others. On November 2003 Tattelecom had authorized capital stock of 1.59 milliards of rubles and became a part of governmental holding "Svyazinvestneftchim".
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