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Sberbank CIB receives official mandate to sell government stake in Rostelekom OAO-Interfax

Monday, 24 Feb 2014 01:20am EST 

Rostelekom OAO:Sberbank CIB has beaten Deutsche Bank and Goldman Sachs in a battle for rights to organize the privatization of Rostelecom and has officially received a state mandate for the deal, according to the order published on the Russian government's website-Interfax.Russian Prime Minister Dmitry Medvedev signed the order, which names CJSC Sberbank CIB as the sole organizer for the Russian government's sale of ordinary shares in Rostelecom equivalent to 43.07 pct of the company's charter capital for a price no less than market value, on Feb. 20.The investment bank must commission an independent appraisal of the state's package in Rostelecom and present the Economic Development Ministry and Russia's Federal Property Agency (Rosimushchestvo) with a report on the possible buyers for the stake and their respective offers.The government is planning to take in around 150 billion Russian rubles from Rostelecom's privatization, and the deal could take place in 2014, the head of Rosimushchestvo Olga Dergunova said.Dergunova said the demands of special consumers would be finalized by June 2014.The method for privatizing the company should also be determined by that time, she said.Rosimuschestvo owns 46.99 pct ordinary shares or 43.07 pct issued shares in Rostelecom.Vnesheconombank (VEB) owns 4.04 pct voting shares and 3.7 pct issued shares.In total, the state owns 51.03 pct voting shares and 46.77 pct issued shares. 

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4 Feb 2016