Krasnodar, August 31, 2005 – Southern Telecommunications Company (“UTK”) (RTS: KUBN, KUBNP; MICEX: UTEL, UTELP; ADR OTC: STJSY, KUE FRA)], the principal telecommunications provider for Russia’s Southern Federal District, reports that on August 24, 2005the rating agency «Expert RA» performed monitoring of the Company’s corporate governance practices and confirmed its national scale B++ rating assigned to "UTK" PJSC on January 31,2005.
According to the national scale rating methodology the degree «?++» reflects that the corporate governance practices of "UTK" PJSC comply with requirements of the Russian legislation. The Company respects main recommendations of the Code of corporate conduct by the FCSM. Risks associated with violation of shareholders’ rights, inefficient work of the Company’s governing bodies and inadequate information transparency of the Company’s operations are considered as low.
Assignment of corporate governance scores demonstrates that "UTK" PJSC follows the best standards of corporate management. The assigned ratings help to form positive image of the Company among the Company’s shareholders, employees, customers and other persons concerned.
Current national scale ratings of corporate governance can be viewed on the Internet site of the rating agency «Expert RA»www.expert.ru .
For any further information please contact:
UTK IR Team
phone + 7 861 253 20 30, fax + 7 861 253 19 69, e-mail: firstname.lastname@example.org
UTK PR Team
phone + 7 861 259 56 99, fax + 7 861 259 56 99, e-mail: email@example.com