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SecuritiesThis section is devoted to the securities of Svyazinvest Group's companies. Here you will find information about the shares issued, depositary receipt programs launched and bonds floated by regional telecom operators (RTOs) and Rostelecom. Furthermore, in this section you will have a chance to look at historical stock valuations of the telecom companies on RTS and track their stock performances. SharesAll 100% common shares of Svyazinvest are owned by strategic investors - the Russian Federation represented by the Federal Property Management Agency and Comstar-UTS, as a result of which they do not freely circulate on a single stock exchange. Meanwhile, no preferred shares were issued by Svyazinvest. Common and preferred shares of RTOs and Rostelecom are available on the Russian equity market marked by strong liquidity and enjoy strong demand among investors. The following registered stock issues of the telecom companies are listed on the Russian stock market:
Shares of all regional telecom operators and Rostelecom are listed on Russia's biggest stock exchanges: MICEX and RTS. The unit given below helps to track historical quotations of the shares of Svyazinvest Group companies according to RTS Stock Exchange data. Depositary receiptsInterest shown by foreign investors in Svyazinvest Group's companies has been one of the main reasons behind programmes to issue American Depositary Receipts on the shares of regional telecom operators and Rostelecom. The first ADRs were placed in 2001 when Svyazinvest Group's companies were on the verge of important and instrumental reforms which set the pace for the further course of their development. Within several years after the programme's inception, the number of ADRs in circulation had increased considerably, underscoring foreign investors' confidence in Svyazinvest Group's companies and the positive assessment by the global investment community of the quality of reforms pursued by the telecom operators. J.P. Morgan Chase Bank acts as depositary bank for the ADR programmes executed by Svyazinvest Group's concerns.
At present, investors have the opportunity to acquire telecom operators' ADRs on the largest European and US exchanges. Information about the geography of stock listings for each company of the Group is given in the table below.
«X» - ADRs are listed More information about the companies' ADRs is posted on the websites of Svyazinvest's regional telecom operators. To get fast to the relevant sections please click company names in the table. BondsBeginning in 2001 Svyazinvest Group's companies took the first steps to raise funds using bonded loans. At that time, the corporate bonds market was in its embryonic phase. The first companies that floated bonds were CenterTelecom, North-West Telecom and Uralsvyazinform. VolgaTelecom, Sibirtelecom, South Telecom, Dalsvyaz and Central Telegraph joined them in 2003. Long-term bonded loans allow Svyazinvest Group's concerns to settle important tasks such as to finance investment programmes, optimize and diversify borrowings and lower the cost of debt servicing. From 2001 to 2007 Svyazinvest Group's businesses floated 35 bonds for a total of some Rub 71.9 bln. Value of bonds placed by Svyazinvest Group's companies
At present, in circulation are the bonds worth roughly Rub 49.4 bln, with more than Rub 22.5 bln redeemed on time. All circulating bond issues of the Group's concerns trade on MICEX and nearly all on RTS. Meanwhile, MICEX Stock Exchange is the main trading venue used for bond placements via open subscription. Bond trading figures are available on the following websites: http://www.micex.ru/, http://www.rts.ru/ and http://www.cbonds.info/ru/rus/. Currently, the main development trends on the bond market are to extend maturity terms and increase placement volumes, as well as to create more flexible and complicated structures for bonded loans that best meet the financial interests of the Group's concerns. Svyazinvest Group's businesses account for around 5% of the aggregate growing corporate bond market. |
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