EESTI TELEKOM

ANNOUNCEMENT

 

COMMENTARY TO ARTICLE PUBLISHED ON 13.03.2000 IN NEWSPAPER "EESTI 

PÄEVALEHT" 

 

With regard to the article published today in daily newspaper 

"Eesti Päevaleht", AS Eesti Telekom hereby announces that Eesti 

Telekom's subsidiary AS Eesti Telefon submitted the development 

plan to the Ministry of Transportation and Communications last 

year, in accordance with the Concession Agreement.

 

The Supervisory and Management Boards of public company AS Eesti 

Telekom act in accordance with the rules of Tallinn and London 

stock exchanges and internationally recognized principles of equal 

treatment of shareholders. Disclosure of all detailed financial 

documents (incl. turnover and profit forecasts) and marketing 

policies to only one investor conflicts with the aforementioned 

principles and also with the interests of the company's 

shareholders.

 

As a result of negotiations, Eesti Telefon made additions to the 

development plan submitted in December 1999, and presented the 

amended plan to the Ministry on 07.03.2000.

 

Eesti Telekom finds that AS Eesti Telefon has met all of its 

obligations under the Concession Agreement, thus the Ministry has 

no grounds for claims.

 

AS Eesti Telekom hopes to continue a constructive dialogue with the 

Ministry of Transportation and Communications, aimed to reach 

mutually beneficial solutions, which take into account the 

possibilities and international obligations of Eesti Telekom as 

public company.

 

 

Raul Kalev

Information Manager

+372 64 60 220