Sberbank to credit $50m to mobile operator

Russia's third largest GSM operator MegaFon signed a $50-million credit agreement with the Russian savings bank Sberbank. According to the MegaFon press service, the funds will be transferred this week. Additionally, the company's board of directors approved a decision on the second issue of MegaFon bonds totaling $50m. Summing up MegaFon's performance of the first six months of 2003, MegaFon General Director Sergey Soldatenkov said that the company was developing in compliance with the business plan. According to him, by the end of the year, the number of MegaFon subscribers should go beyond 6m.

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