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Articles & publications
02.04.2010
CEO of Svyazinvest ups his stake in Sibirtelecom to 3.26%RIA Novosti
The director general of Svyazinvest Evgeny Yurchenko has raised his stake in the charter capital of the holding’s subsidiary Sibirtelecom to 3.2560%, while the number of common shares held by this top manager has risen to 2.8622%, according to a statement issued by Sibirtelecom.
Before the transaction Mr. Yurchenko owned 2.1807% in the operator’s charter capital (2.7155% of common shares).
The head of Svyazinvest also acquired 0.73% of the charter capital (0.44% of common shares) in another of the holding’s subsidiary – Far East Telecom. Earlier in March Yurchenko raised his stakes in other of the holding’s subsidiaries: VolgaTelecom 91.93% of the charter capital, raising his stake in common shares from 1.95% to 2.57%) and CenterTelecom (5.82% of charter capital, 7.42% of common shares). Yurchenko holds 4.34% of common shares in Southern Telecommunications Company, while his stake in the operator’s charter capital amounts to 3.48%.
In summer 2009, Yurchenko announced that he would be purchasing shares in all of Svyazinvest’s regional telecommunications operators (RTOs) in order to ensure that the interests of RTO minority shareholders are upheld to the greatest extent possible during the reorganization of the holding. In October, the head of Svyazinvest handed over his RTO stakes for trust management to KIT Fortis investment company.
All of Svyazinvest’s regional operators are to be merged with Rostelecom during the reorganization of the holding. RTO stocks will be converted into shares through an additional share issue by Rostelecom. The appraisal of RTO shares to determine the swap ratios and buyback of securities from minority shareholders will be performed on the basis of 2009 RAS financial statements and will be valid for six months. In addition, the appraisal methodology will take into account the financial statements of the companies in the three preceding years (2007-2009) and guidance for the next five years.
Svyazinvest is the largest telecommunications company in Russia and one of the largest in the world. The holding consists of seven regional telecommunications companies (CenterTelecom, North-West Telecom, VolgaTelecom, Southern Telecommunications Company, Uralsvyazinform, Sibirtelecom and Far East Telecom), national long-distance operator Rostelecom, Central Telegraph and leading telecom industry design institute Giprosvyaz.
The regional operators controlled by Svyazinvest own over 80% of the telecommunications infrastructure of the Russian Federation and provide services to over 90% of the country’s population.
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