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Russian Prime Minister Dmitry Medvedev signs resolution establishing Joint Stock Company "GLONASS"

Prime Minister of the Russian Federation Dmitry Medvedev signed a resolution providing for the establishment of the GLONASS Joint Stock Company with 100% of shares in federal ownership. According to the statement on the government website, new company's charter capital is 100 million rubles.

Charter capital is comprised of 100,000 registered ordinary shares with the par value of 1,000 rubles each.

Company's designated core activities pertain to supporting further development of the ERA-GLONASS System, operation and expansion of the System's technology infrastructure to support various federal and other IT systems, developing new civilian technologies to take full advantage of System capabilities, enhancing the quality and broadening the scope of the services offered, and integration of navigation information technologies and systems in various areas of daily life and economy.

The Federal State Property Management Agency and the Ministry of Transport were tasked with submitting proposals to the government on nominating candidates for election to Company governing bodies and Internal Audit Committee, as well as ensuring that the Company development strategy is approved by 30 March 2015.

TASS