Financial News and Economical Crisis

MegaFon is reorganized in the form of accession, the regional subsidiary companies, the report says the company. 1 July 2009 in a single state register of legal entities made recordings on the termination of CJSC Sonic Duo, CJSC Mobikom-Kavkaz, CJSC Mobikom-Center, OJSC MSS-Povolzhie, CJSC Ural Gee Es Em CJSC Mobikom-Novosibirsk and CJSC Mobikom-Khabarovsk.

From July 1, mobile communication services in the territory of Russia have Stolichny, Caucasian, Central, Volga, Urals, Siberian and Far Eastern branches of OJSC MegaFon. North-West branch of OJSC MegaFon in effect since May 2002.

In the perception of the market MegaFon - has long been a single company with common management standards, a solid and strong brand and corporate culture. Now MegaFon became united and legally. We believe our approach to managing business critical competitive advantage, so I would like to pay special attention for many years successfully operating a balanced distribution of powers between the center, branch and regional offices.

After the restructuring, we plan to preserve and improve this approach to strategic and operational decisions in the company, - said General Director of OJSC MegaFon Sergey Soldatenkov.

The decision to reorganize was accepted by shareholders of OJSC MegaFon at an extraordinary general meeting of shareholders on Dec. 29, 2008.

All arrangements for the reorganization to ensure the effective operation of a single company since the exclusion of subsidiaries from a single state register of legal persons held as scheduled and completed successfully, - said the Director of Legal Affairs, MegaFon and Corporate Secretary Anna Goryainova.

Accession subsidiaries will increase the value of the combined company and will give further impetus to its further development. Another effect of the reorganization will increase the efficiency of management, as well as operational and financial benefits of reducing costs through centralization of several processes. In addition to the accession of subsidiaries of OJSC MegaFon will accelerate the pace of implementation of projects on development of third generation networks and long-distance /international calls on the entire territory of the Russian Federation, as well as give the company additional opportunities to provide services, a major federal customers with an extensive branch structure, says the communication company.

In preparation for the reorganization of the directors set up branches of OJSC MegaFon was appointed General Director of subsidiary companies have ceased their activities. And all the heads of branches 02 June 2009 was elected to the board of OAO MegaFon. In addition, each of the directors of branches 01 June 2009 he became Deputy Director General of OJSC MegaFon in that region.

It was also built a new structure of management within a single company. In the branches set up regional offices, operating in one or more subjects of the Russian Federation (all composed of OJSC MegaFon 54 regional offices). In some of the major regional offices set up a small separate units in the republics, regions and cities.

In the course of the reorganization of standardized conditions for the provision of telecommunications services, is the main document, according to which the provision of services to customers, as well as agreements with distributors, content providers, payment systems, providing service to customers MegaFon.
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