MOSCOW, March 19 (RIA Novosti) - A new charter for state-controlled telecoms holding company Svyazinvest increasing the rights of its minority shareholders could be approved in the summer of 2007, the information technologies minister said Monday.
"A new version [of the articles of association] has been prepared and is being approved by federal departments. An annual shareholders' meeting will be held in the summer. If the new charter is approved then, we'll submit it [for a vote]," Leonid Reiman said.
Changes to Svyazinvest articles of association will bring them into compliance with the relevant law on joint stock companies. The new version broadens the rights of minority shareholders to enable them to vote on key issues of the company's activities.
Svyazinvest CEO Alexander Kiselyov said Monday the company expected its net profits to rise 6% in 2007 to 20.2 billion rubles (about $773.9 million) and its earnings to climb 9% to 231.9 billion rubles (about $8.9 billion).
Svyazinvest combines seven large regional operators, including Uralsvyazinform [RTS: URSI], VolgaTelecom [RTS: NNSI], and Sibirtelecom [RTS: ENCO].
The Russian Federal Property Fund holds 25% minus two shares in Svyazinvest, and the Federal Property Management Agency holds 50% plus one share.
