OREANDA-NEWS  On 17 October was announced, that Far East Telecom (РТС: ESPK, MICEX: DLSV, ADR USA: FEEOY, Frankfurt Stock Exchange and Berlin Stock Exchange: D7A) informs about adjournment of extraordinary meeting of shareholders.

On October 10th 2008 OJSC Far East Telecom Board of Directors decided to adjourn the date of extraordinary general meeting of shareholders with the agenda issue concerning OJSC Far East Telecom reorganization in the form of assets allocation for June 10th 2009. Previously the meeting was scheduled on October 30th 2008.

The adjournment is reasoned by the worsening financial market situation that resulted in slump of security prices, increase in interest rates and reduction in limits for borrowers. The Company believes that such situation is unfavorable for refinancing of the liabilities related to the oncoming reorganization.

The Company hopes that by the middle of the next year the situation of financial markets will become stable and the probability of financial risks related to the reorganization will be reduced.

According to OJSC Far East Telecom General Director Anton Kolpakov the decision made by Board of Director will benefit all the Company shareholders because reorganization under present conditions can worsen the Company financial situation and affect dividend payments.