Joint stock company Rostelecom says the first shareholders meeting is expected to be held shortly. The agenda includes a report on company results in the fourth quarter of 1993, which will be prepared by Coopers & Lybrand, which were chosen by Rostelecom as its official auditor last month. Rostelecom was privatised on the in September last year and so far it has issued 140m ordinary shares and 46.7m ‘privileged’ shares to Rostelecom employees. According to Oleg Belov, Rostelecom’s president, today one share is worth about $6, 1,400 times more than it was last autumn, and the whole company is worth in excess of $1,000m. He said a second share issue is expected in about two years when the current 35% governmental share may decrease to 10%. Belov denied rumours about his possible retirement saying that the shareholders’ meeting is also expected to extend his presidency.
