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Recent news
21.05.2010
Comstar-UTS and Rostelecom sign agreements on the sale of a stake in SvyazinvestPress release
May 21, 2010, Moscow. Comstar-UTS and Rostelecom sign agreements on the sale of a stake in Svyazinvest. Comstar – United TeleSystem (Comstar-UTS, LSE: CMST), controlled by Comstar-UTS, MGTS Finance S.A. and Rostelecom (Rostelecom, RTS and MICEX: RTKM, RTKMP; OTCQX: ROSYY) have entered into agreements on the sale to Rostelecom of common shares in Svyazinvest holding company, which amount to 25% of its charter capital plus one share[i], for RUR 26 bln.
The proceeds received from the sale will be used to pay off Comstar-UTS’s RUR 26 bln debt to Sberbank.
The terms and conditions for the execution of the transaction include, among others, receiving approvals from the authorized regulatory agencies for all parties to the transaction, receiving the required approvals from the authorized state agencies, including the Federal Anti-Monopoly Service, as well as concluding an agreement between AFK Sistema and Svyazinvest as a result of which Svyazinvest would become the owner of 100% of the charter capital of Sky Link, while AFK Sistema would acquire 23.33% of the charter capital of MGTS.
The agreements are in line with the Memorandum of Intentions which was signed on November 23, 2009 between Comstar-UTS, Sistema and Svyazinvest.
At present, the companies controlled by Comstar-UTS own 25% + one common share in the charter capital of Svyazinvest and 69.93% of the charter capital of MGTS.
Svyazinvest owns 23.33% of the charter capital of MGTS and 38% of the charter capital of Rostelecom (50.67% of the total number of voting shares).
[i] 17.31% of the charter capital of Svyazinvest is owned by Comstar-UTS, while 7.69% of the charter capital is held by MGTS Finance S.A., which is controlled by Comstar-UTS.
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