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Articles & publications
09.04.2010
Telecom Ministry does not object to assigning blocking stake in Svyazinvest to Rostelecom rather than VEB – SchegolevInterfax
The Telecommunications Ministry of the Russian Federation has no objections about changing the structure of the asset swap between AFK Sistema (RTS: AFKS) and Svyazinvest and assigning the blocking stake in the holding to its subsidiary Rostelecom (RTS: RTKM), instead of Foreign Economic Trade Bank (VEB), as was originally planned.
“This is an issue of internal agreement between the parties to the agreement. We have no objections”, head of the ministry Igor Schegolev told journalists.
In his opinion, the Telecommunications Ministry will not be involved in coordinating the structure of the upcoming transaction, and the recipient of the blocking stake is not named in any of the related documents.
“This issue should be decided by the two parties to the agreement, as it is not an issue pertaining to regulatory approval. This issue should be worked out between Svyzinvest and AFK Sistema”, Mr. Schegolev said.
“It really makes no difference to the ministry who receives this equity position – VEB or Rostelecom”, Schegolev emphasized.
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