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Rostelekom OAO Acquires Part Of Svyaz'invest OAO's Additional Share Issue Under Planned Merger-Interfax

Tuesday, 25 Dec 2012 07:24am EST 

Interfax reported that Rostelekom OAO (Rostelecom) has purchased a portion of Svyaz'invest OAO's (Svyazinvest) additional share issue, paying RUB 1.72 billion for 140,315,416 additional shares. The shares acquired will allow Rostelecom to retain a blocking stake in Svyazinvest at 25% plus one share until the moment of reorganization, Rostelecom said. The Russian state, represented by the State Property Agency (Rosimushchestvo) paid for its portion of the additional shares with stakes in: OJSC Bashinformsvyaz (28.2%), OJSC Ingushelektrosvyaz (100%), OJSC Central Telegraph (29% of voting shares), OJSC Chukotkasvyazinform (75%), and OJSC MMTS-9 (38%). Svyazinvest placed 561,261,664 additional shares at a face value of one ruble at a price of RUB 12.26 rubles. The total additional share issue came to RUB 6.881 billion. The close of Svyazinvest's additional shares is one of the stages for its reorganization. During the next stage, which should reach conclusion in October 2013, Svyazinvest will be merged with Rostelecom and subsequently liquidated. At the same time, the state will remain the controlling shareholder in the telecom company. Rosimushchestvo owns 75% in Svyazinvest. The remained is controlled by state-controlled Rostelecom (in which Svyazinvest owns 45.29% of common shares). 

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