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Articles & publications
09.04.2010
Telecom Ministry approves draft government resolution on the privatization of a 28% stake in MGTS, draft forwarded to RF Economic Development MinistryPrime-TASS
The Telecommunications Ministry of the Russian Federation has placed its stamp of approval on a draft resolution of the government of the Russian Federation on the privatization of a 28% stake in Moscow City Telephone Network (MGTS). This news was reported today to journalists by the Minister of Telecommunications of the Russian Federation, Igor Schegolev.
The draft resolution has been forwarded for additional approval by the Economic Development Ministry of the Russian Federation.
As reported earlier by Prime-TASS, in October 2009 the government of the Russian Federation approved the terms of a transaction to swap assets between Svyazinvest and AFK Sistema (AFKS). The structure of the transactions calls for Comstar-UTS (CMST) (controlled by AFK Sistema) to hand back to the state its 25% + 1 share stake in Svyazinvest. In return for this, Comstar’s RUR 26 bln debt to Sberbank will be turned over to Vnesheconombank. In addition, Svyazinvest will assign to Comstar its 28% stake in MGTS.
At present, Comstar owns 66.88% of the commons shares of MGTS, while Svyazinvest has 28%. The remaining shares are in free float.
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