Telecom Company MTS (Mobile TeleSystems OJSC) announced the appointment of Andrei Dubovskov as President and Chief Executive Officer of the company.

Sistema, a majority stakeholder in India''s Shyam Sistema Teleservices (SSTL), holds over 51 per cent in MTS OJSC.

Dubovskov replaces Mikhail Shamolin, who has served as President and CEO of MTS since May 2008.

"The Board has full confidence that Andrei will continue Mikhail's undertakings in executing on the strategic priorities of the company as it looks to extract further growth from the Russian and CIS markets of operation," said Ron Sommer, Chairman of the Board of Directors (BoD) of MTS in a statement.

Shamolin is expected to be nominated to the position of President and CEO of Sistema for approval at Board of Directors meeting of Sistema tomorrow, MTS said in a statement.

Sistema is public financial corporation in Russia and the CIS. The company holds 73.71 per cent in Indian Telecom company Shyam Sistema Teleservices (SSTL).

SSTL also operates in brand name of MTS. In September 2010, SSTL announced clearance of $600 million investment from Russian Government, represented by the Federal Agency for State Property Management (Rosimushchestvo).

SSTL is working on new shareholding structure in the company and has plans to get listed in India. The company has said that it will be ready for listing by this year end.

"We will be ready for listing by this year end but listing will depend on market condition. It will be done after determining market condition," spokesperson of MTS India told PTI.