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Articles & publications
12.05.2010
The Russian government only needs a controlling stake in the new Rostelecom, the rest can be privatized – YurchenkoInterfax
The Russian government should gain control over the merged Rostelecom, on the basis of which the assets of Svyazinvest holding are to be consolidated, while all the rest of the state’s equity holding could be privatized. This opinion was voiced by Svyazinvest CEO Evgeny Yurchenko.
“Hopefully the state’s total interest (in Rostelecom – Interfax) will be higher than 50% as a result of the reorganization, the buyback of shares on the open market and the options program for the management of Svyazinvest. After this level has been reached, anything over 50%, in my opinion, should be placed as free float in order to attract new investors”, Mr. Yurchenko said during an interview with Russia 24 television channel.
“We see privatization opportunities here”, he went on to say.
According to earlier reports, the state should hold at least 53.8% of the merged company after seven regional telecommunications operators controlled by Svyazinvest are folded into Rostelecom. Depending on the number of shares which are presented for buyback by dissenting minority shareholders of Svyazinvest’s subsidiaries, this stake could go up.
Last October the head of the Telecommunications Ministry Igor Schegolev said that the state could begin to consider the issue of privatizing the new Rostelecom as early as 2012.
“Taking into account that before this move the company should release its annual audited financial statement, it would be logical to look for it beginning in 2012. We’re flexible on this issue. Right from the start we have made it clear that retaining the biggest possible stake in the new company is by no means the state’s goal”, the telecom minister pointed out.
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