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Articles & publications
03.03.2010
Process for assigning Rostelecom stake from DIA to VEB for management is nearing completion – bankInterfax
The process for assigning Deposit Insurance Agency’s stake in Rostelecom (RTS: RTKM) to Vnesheconombank is in the final stage, VEB’s press service told news agency Interfax-AFI.
“The agreement on assigning DIA’s stake in Rostelecom to the fiduciary management of Vnesheconombank is in the final stage”, a representative of VEB’s press service said.
A source at DIA told Interfax-AFI in turn that all documents for assigning Rostelecom’s stake to VEB for fiduciary management have already been signed on the part of the agency.
“We sent all of the required documents to VEB three weeks ago. Since that time, no representatives of the state corporation have been in touch with us. We do not expect that there will be any questions this time on the terms and conditions for the assignment of the stake”, said first deputy general director of DIA Valery Miroshnikov.
At the end of January 2010 the general director of DIA Alexander Turbanov announced that the agency intends within one month to complete negotiations with VEB on handing over its equity position in Rostelecom. “Recently we received an instruction from the government to transfer the stake to VEB, so hopefully this time the negotiations will go more smoothly. We expect to wrap up the process over the next month”, he said at that time.
DIA owns a 29.9% stake in Rostelecom and VEB holds 9.8%. These equity stakes were bought up last summer from KIT investment bank (RTS: CITB) as part of the financial rehabilitation of the latter. KIT Finance gradually consolidated about a 40% stake in Rostelecom from 2004-2007.
Shares were acquired from KIT Finance for RUR 230 per one security. All in all, the state spent about RUR 67 bln on the share buyback.
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