|
Articles & publications
08.04.2010
KIT Fortis Investment raises stake in voting shares of CenterTelecom from 1.2% to 5.9%Interfax
KIT Fortis Investment Management has boosted its stake in the common shares of CenterTelecom (RTS: ESMO) from 1.1913% to 5.937%.
The relevant entry was made on the account on March 30, KIT Fortis said in a statement.
The shares are held by the company in trust management.
A source at KIT Fortis told Interfax that the company does not comment on the portfolios or transactions of its clients.
Meanwhile, one of KIT Fortis’s clients happens to be one of the most active players on the market for the shares of Svyazinvest’s subsidiaries, the director general of the holding, Evgeny Yurchenko. In October 2009 Mr. Yurchenko announced that he had transferred his stakes in the regional telecommunications operators (RTOs) of Svyazinvest to KIT Fortis Investments for management.
At the beginning of March, Evgeny Yurchenko raise his stake in the charter capital of CenterTelecom from 1.57931% to 5.82501%, while his stake in the company’s common shares went up from 1.33079% to 7.41765%. On Wednesday CenterTelecom said that the head of Svyazinvest had raised his stake in the company’s charter capital from 5.82501% to 6.52384%. In addition, his equity position in common shares remained unchanged at 7.41765%. Thus, Mr. Yurchenko’s holding rose by increasing his equity stake in preferred shares.
The largest minority shareholder of CenterTelecom is Russische Kommerzial Bank, Zurich, which is controlled by the Gazprombank Group), which, as of November 2, 2009, owned a 21.58% stake in the company.
Svyazinvest’s RTOs are preparing for reorganization via a merger with the holding’s largest subsidiary, Rostelecom (RTS: RTKM) via a share swap. Decisions on the reorganization are to be adopted by a three fourths majority of votes cast by persons attending the shareholders meeting, including the holders of preferred shares (Svyazinvest’s stake in RTOs including prefs is 38%).
According an appraisal performed by Ernst & Young, CenterTelecom’s stake in the merged company stands at 16.44%. This is the second biggest indicator after the stake of the current Rostelecom, which amounts to 29.35%. Based on these estimates, the ratio for converting the common shares of CenterTelecom into those of Rostelecom will be 3.866x, while it will be 4.919x for preferred shares.
|
