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December 17, 2003
Interfax and AK&M News Agencies Introduce Annual Prize for Information Disclosure
The Interfax and AK&M news agencies, which have been authorized by the Federal Securities Commission to report important securities information, are introducing an annual prize for the company that mostly fully and quickly discloses information to potential investors.
A jury appointed by the two agencies has awarded the 2003 prize "For Active Corporate Policy in Information Disclosure" to cosmetics company Kalina. Irkut, the maker of Sukhoi fighter jets, and Central Telecommunication Company were nominated for the prize.
Both objective and subjective criteria were used in choosing the winner. Candidates were judged whether they had any record of departing from information disclosure rules, how active they were in disclosing information and how extensive their information was.
The jury pointed out that Kalina had issued a securities prospectus that fully complied with the information disclosure rules since October 13, 2003.
"During the first two months, 2,500 companies have joined the new disclosure system that the authorized agencies set up in conformity with the requirements of the Russian Federal Securities Commission. Investors have begun to receive more extensive and quick information," said Vladimir Gerasimov, first deputy general director of Interfax at the awards ceremony. "It has become clear which companies are the leaders, which companies have shown themselves to be highly active in disclosing information."
The securities wire at www.interfax.ru is used by thousands of Interfax subscribers and participants in the RTS electronic trading system.
Interfax and AK&M won an open tender held by the Federal Securities Commission in 2001 to select organizations to publish disclosed securities information.
The regulations on information disclosure by securities issuers approved by Federal Securities Commission directive no. 03-32/ps in force as of October 13, 2003, require that major facts about securities issues be reported on the authorized newswires.
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