Telephone company grows in St. Petersburg

<BR>Luxembourg-based company Millicom International Cellular S.A. (MIC), owner of the controlling package of shares in telecommunications company Fora Communications, will create an administrative center in Russia in charge of operations in Russia, the Baltics and Africa.<BR>To make these plans reality, Millicom had to create a new holding company, named Fora Telecom. According to Michael Cohen, Fora Communications' new general director, the operations center will be located in Russia's second capital. Under the holding company's authority fall 12 Russian cellular telephone companies. These companies, along with operators in the Baltic states, Tanzania and Ghana were all established by MIC.<BR>Cohen stated that the holding company was created in connection with the restructuring process MIC is now undergoing worldwide. Until now, MIC has directed all its daughter organization operations from its Luxembourg and London offices. In addition to the formation of FORA Telecom, MIC has also founded Sanbao Telecom which will look after all MIC organizations in Asia. Moreover, MIC has decided to unite Fora Telecom and Societe Europeene de Communication S.A., the holding company which will be in charge of western European cellular operators, into one entity, retaining the newly formed holding company's name Fora Telecom. Deputy commercial director of FORA Communications Alexander Isaev noted, "the name of the new entity was a very pleasant surprise for us." <BR>"Millicom has grown to such an extent that dividing the company's operations into different regions has become an absolute necessity," Cohen said. "For us, the creation of FORA Telecom means more independence and an opportunity to make more decisions on our own," he added.