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Telenor ASA proposes technical changes to Kyivstar's charter.

TELECOMWORLDWIRE-17 March 2006-Telenor ASA proposes technical changes to Kyivstar's charter(C)1994-2006 M2 COMMUNICATIONS LTD

Norwegian telecomms group Telenor ASA said on Thursday (16 March) that the Supreme Court of Ukraine had rejected Telenor's appeal of a ruling by Ukraine's Higher Commercial Court regarding the charter of Ukrainian mobile operator Kyivstar.

To ensure that the Kyivstar board continues to function in accordance with the Kyivstar shareholders agreement following this ruling, Telenor has proposed technical changes to the charter.

The ruling states that only shareholders of Kyivstar can be elected to its board of directors and that a shareholder cannot on its own nominate Kyivstar's CEO.

Telenor has proposed that the provision in the charter giving Telenor the right to nominate the CEO be removed, preserving the appointment of the CEO by a simple majority of the board.

Consistent with the terms of the Kyivstar shareholders agreement, Telenor has also proposed that the board of directors consist of nine shareholders of Kyivstar, five of which are Telenor entities and four of which are Storm entities, reflecting Telenor's 56.5% ownership share and Storm's 43.5% ownership share.

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Comment:Telenor ASA proposes technical changes to Kyivstar's charter.
Article Type:Brief article
Geographic Code:4EXNO
Date:Mar 17, 2006
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