MTS Gains After Resuming Operations in Turkmenistan

OAO Mobile TeleSystems (MBT), Russia’s biggest mobile phone company by subscribers, rose the most in seven weeks in the U.S. after the company said it is resuming operations in Turkmenistan.

American depositary receipts of MTS, as the company is known, advanced 4.7 percent to $18.36 in New York, the most since June 6. The stock gained for the first time in five days.

MTS said it reached an agreement with the Central Asian state’s authorities and signed an accord for five years, which may be extended for an additional five, MTS said in an e-mailed statement today.

To contact the reporter on this story: Halia Pavliva in New York at hpavliva@bloomberg.net

To contact the editor responsible for this story: Tal Barak Harif at tbarak@bloomberg.net