Rostelekom OAO Starts Final Stage of Reorganization and Merger with Svyaz'invest OAO -PRIME
PRIME reported that Rostelekom OAO (Rostelecom) has started the final stage of its reorganization, under which state-run telecom holding Svyaz'invest OAO (Svyazinvest) and additional 20 firms will be fully integrated into the operator. Rostelecom has already submitted the relevant application to the unified state register of companies. Svyazinvest and Rostelecom’s 100%-owned subsidiary National Telecommunications (NTC) have also sent applications stating that they terminate their operations. The reorganization will be fully completed on October 1. On the same date Rostelecom will offer the first tranche of its additional shares totaling RUB 3.956 million to allow the integrated companies to convert their shares into Rostelecom’s stocks. Rostelecom is to offer 1,582,234 common shares in 17 tranches. The government, which now holds a 55.6% common stake in Rostelecom via Svyazinvest, the Federal State Property Management Agency, and Vnesheconombank plan to retain control over the operator after the Rostelecom–Svyazinvest merger is finished. Soon after the reorganization is completed, the state property agency will start preparations for the sale of the government’s stake in the operator.
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