December 21, 2012 / 4:36 PM / 5 years ago

Russian Technologies plans to sell telecom assets

MOSCOW, Dec 21 (Reuters) - Russian state industrial conglomerate Russian Technologies said on Friday it plans to dispose of its telecoms assets, including an indirect stake in Russia’s No.2 mobile phone operator MegaFon, seen as non-core for the company.

Sergei Chemezov, the head of Russian Technologies, also said the company is considering both a sale to a strategic investor and an initial public offering for its Russian Helicopters holding company.

Russian Technologies owns a 4.5 percent stake in Garsdale, which in turn holds 50 percent of shares in MegaFon and 100 percent of next-generation operator Scartel, which uses the Yota brand. Metals tycoon and backer of Arsenal soccer club Alisher Usmanov holds 82 percent of Garsdale.

Chemezov told reporters telecoms were a non-core business and the conglomerate would sell it “over time” after an increase in the value of these assets.

He also said that Russian Technologies, the 100 percent owner of Russian Helicopters - a holding company set up in 2010 to bring together a dozen of regional helicopter manufacturers - was considering selling an unspecified stake to a strategic investor.

Last year, Russian Helicopters pulled its planned $500 million London initial public offering (IPO).

Chemezov said the firm’s IPO on the London stock exchange or an Asian bourse is still being considered as well. The company sees the next opportunity for the share sale in spring 2013. (Reporting by Gleb Stolyarov; writing by Maria Kiselyova; Editing by Elaine Hardcastle)

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