"MegaFon"
concluded the additional agreement assuming early payment of 1,060 mln. dollars
for the transaction about acquisition of 100% of a share in Maxiten Co Limited
owning 100% of shares of the company of "Skartel"
"MegaFon" concluded the additional agreement assuming early
payment of 1,060 mln. dollars for the transaction about acquisition of 100% of
a share in Maxiten Co Limited ("Maxiten") owning 100% of shares of
the company of "Skartel" at Garsdale Services Investment Limited
holding ("Garsdale").
According to the decision made at extraordinary General shareholder
meeting on June 5, 2014
"MegaFon" concluded the additional agreement with Garsdale. It allows
to pay ahead of schedule about 90% of a total cost of the Transaction which is
the biggest obligation of the Company nominated in dollars.
"Thanks to excellent operational results and successful issue of
ruble bonds
"MegaFon" saved up large volume of money. In this regard shareholders
made the decision to carry out early payment for the transaction of
"Skartel/Yota". It will allow to reduce considerably the size of
obligations in US dollars and to reduce influence of changes in the currency
market on "MegaFon". We analyze opportunities in the debt and
currency market most effectively to operate a monetary position and to hedge currency risks. We are sure
that this transaction confirms the weighed approach of "MegaFon" to
management of currency risks and creates opportunities for future economy of
money as a result of decrease in percentage expenses.", – the CEO of
"MegaFon" Ivan Tavrin commented.
"MegaFon" acquired 100% of shares in Maxiten on October 1,
2013 ("Date of closing") for 1,180 million dollars which were
supposed to be paid two equal by installments in the first and second anniversary of Date of closing
(on October 1, 2014 and on October 1, 2015, respectively), plus the percent of
6% charged from the date of closing of the transaction on a maturity date.
According to requirements of the legislation the shareholders affiliated
with Garsdale, including the CEO of "MegaFon", did not take part in
vote.
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