Uralsvyazinform announced it has received permission from the US SEC to issue level-1 American Depository Receipts backed up by its common stock. Alexander Vokhman, first deputy general director of the company, said that the ADR issue will take place primarily in the US. "For now we will try an issue in the US. The European market already has a large supply of securities of telecommunication companies," Vokhman told Reuters. One ADR of Uralsvyazinform will represent 200 underlying shares (par value R100).

Also, in October the company is planning to sell a large block of shares - up to 10%, according to Vokhman - on Western markets. The exact framework for the sale must be worked out, and Brunswick may be selected as a lead manager.

This week Tyumentelecom announced that it expects to receive US SEC approval on August 10 to issue level-1 ADRs for both its common and preferred shares. The company is also planning a road-show in major US cities to rally investor support.