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Svyazinvest plans London share float
05 February 2010
The Russian government is planning to offer some of its shares in telecom operator Svyazinvest on the London Stock Exchange in 2011
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[Svyazinvest]
[London Stock Exchange]
[IPO]
[Russia]
[Rostelecom]
Russian state-controlled telecom holding company, Svyazinvest, is planning an initial public offering of its merged assets in London next year. The Russian government will start selling a stake of more than 25% of Svyazinvest by April 2011 after restructuring the telecom holding, deputy CEO Alexander Provotorov said.
Svyazinvest may list its shares in London and New York, Provotorov added. It is looking to launch the IPO at the same time as the shares in the regional units become convertible into shares of inter-regional wireline operator, Rostelecom, by April 2011.
Svyazinvest has controlling stakes in six publicly traded companies that own fixed-line networks in various Russian regions. The Russian government is looking to fold those companies into Rostelecom, the country’s biggest long-distance operator.
Rostelecom, controlled by Svyazinvest, has recently delisted itself from the New York stock exchange. GTB