Svyazinvest gets 29% of Central Telegraph for new shares
MOSCOW. Dec 24 (Interfax) - Russian state telecoms holding company Svyazinvest, which is issuing new shares to the government and national operator Rostelecom , has begun to receive the first assets as payment for these shares.
Svyazinvest has increased its stake in Central Telegraph from 50.9999% to 80.0045%, the latter reported. The Federal Property Agency, meanwhile, reduced its stake in Central Telegraph from 29.0046% to zero. The change took place on December 20.
Svyazinvest also received 100% of OJSC Ingushelektrosvyaz from the government on December 20, a statement for the holding company shows.
The stakes in these companies were handed over as payment for new shares, Svyazinvest's press service confirmed.
Svyazinvest is placing 561,261,664 new shares at a price of 12.26 rubles each. The issue will total 6.881 billion rubles.
The government will buy out 5.16 billion rubles of the issue, paying for the shares with the stake in OJSC Central Telegraph, 28.2% of Bashinformsvyaz , 75% of Chukotkasvyazinform, 100% of Ingushelektrosvyaz and 38% of MMTS-9.
The Central Telegraph state was appraised at 1.33 billion rubles for the deal, not including an office building on Moscow's central Tverskaya Street.
Rostelecom is supposed to buy the remaining new shares for 1.71 billion rubles to keep its stake in Svayzinvest at 25%.
The share issue is one of the phases of Svyazinvest's restructuring. The next phase will see Svyazinvest merged with Rostelecom and then liquidated. The state will retain a controlling stake in Rostelecom.
Svyazinvest has charter capital of 19.518 billion rubles, split into 19,518,337,220 shares with par value of 1 ruble each. The new share issue will increase the number of total shares by 3% to 20,079,598,884.
The Federal Property Agency owns 75% of Svyazinvest, and the remaining shares are held by state-controlled Rostelecom, in which Svyazinvest in turn holds 45.29% of common shares.