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Articles & publications
17.06.2010
Buyback of Svyazinvest subsidiary shares for options to be completed within a month – general directorInterfax
The buyback of Svyazinvest’s subsidiary shares for its option program could be completed within a month, the general director of the holding Evgeny Yurchenko announced on the sidelines of the International Economic Forum in Saint Petersburg on Thursday.
Mr. Yurchenko said that Close-Ended Mutual Fund Gazprombank has already begun to carry out the buyback. The value of the fund amounts to $350 mln. It was formed completely using monetary resources from Svyazinvest companies which bought back their shares, according to Evgeny Yurchenko.
He declined to specify the number of shares that are to be repurchased, noting only that “this work should be completed within the next month”.
Gazprombank Asset Management set up Close-Ended Mutual Fund Gazprombank-Telecommunications to buy back the shares of RTOs and Rostelecom (RTS: RTKM) for subsequent allocation under the options program.
Svyazinvest’s regional telecom operators are in the process of merging with the holding’s largest subsidiary – Rostelecom. The merger has already been approved by two RTOs – Sibirtelecom (RTS: ENCO) and UTK.
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