MOSCOW -- Shareholders of Moscow City Telephone Network, or MGTS, have approved a dividend of 2.1 rubles (7 cents) on preferred shares for 1999 and no dividend on ordinaries, the company said Monday.


The company paid a 1-ruble dividend on preferred shares for 1998 and no dividend on ordinaries.


The 1999 dividend will be paid from Sept. 1 to Dec. 31, 2000 from a special fund set up from profits of previous years.


MGTS made a 24.54 million ruble pretax profit last year ($860,000) but no net profit.