Govt approves transfer of DIA's Rostelecom shares to Treasury
MOSCOW. Dec 22 (Interfax) - A Russian government presidium approved the government instruction to transfer Deposit Insurance Agency (DIA) shares in fixed line telecoms operator Rostelecom to the Russian Treasury on Thursday, Deputy Economic Development Minister Oleg Savelyev told a briefing following the session.
The instruction states that 218.6 million ordinary Rostelecom shares should be transferred to the Treasury in 2011 for 230 rubles per share (50.3 billion rubles for the entire stake).
The transaction will reduce the Russian Federation's asset contribution to the DIA by 50.278 billion rubles.
The DIA owns 6.86% of Rostelecom's issued shares (7.43% of voting shares), which are under the management of Vnesheconombank (VEB).
The DIA and VEB bought into Rostelecom charter capital in summer 2009, buying 29.9% of the operator's stock for 50.3 billion rubles from KIT Finance in the context of its rehabilitation. VEB acquired 9.9% of the stock. The shares were purchased based on a price of 230 rubles per.
Since the consolidation of inter-regional communications companies at Rostelecom, VEB's stake in the company's charter capital is 2.26% (2.45% of voting shares). Svyazinvest has 40.1% (43.37% of ordinary shares).