Moscow, Russia — May 19, 2005 — Mobile TeleSystems OJSC (“MTS” — NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces the recommended amount of dividends.
The MTS Board of Directors (BoD) meeting held earlier this week recommended the annual general meeting of shareholders (AGM) approve annual dividends of RUR 5.75 per ordinary MTS share (approximately $1.03 per ADR1) for the 2004 fiscal year, amounting to a total of RUR 11.47 billion ($409.48 million)2. If the dividends are approved, MTS, in accordance with Russian tax legislation, will withhold a tax of up to 15% on the dividend amount when payable, depending on the recipient’s legal status and jurisdiction.
As announced earlier, the record date for the Company’s share- and ADR-holders entitled to participate in the AGM and to receive dividends was set for May 3, 2005. The AGM will be held on June 21, 2005.
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According to the Russian Central Bank exchange rate of 28.0 RUR/$ as of May 19, 2005. |
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The amount is 75.4% of the Company’s net income in 2004 in accordance with the RAS and 40.0% of net income under US GAAP. |
For further information contact:
Mobile TeleSystems, Moscow
Andrey Braginski, Investor Relations
tel: +7 (095) 911-65-53
e-mail: ir@mts.ru
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