17 Jun 2010 15:46

Govt could sell up to 10% of new-look Rostelecom

ST. PETERSBURG. June 17 (Interfax) - The government could sell up to 10% of the shares in the new-look Rostelecom , which will be formed through a merger between the long-distance provider and the subsidiaries of fixed-line holding Svyazinvest, on the stock exchange.

Svyazinvest chief Yevgeny Yurchenko told reporters on the sidelines of the St Petersburg Economic Forum that the state would own between 54% and 60% of the merged company. The final stake would depend how many shares will be bought from minorities in the Svyazinvest subsidiaries who dissent against the reorganization.

Yurchenko said that once the reorganization has been completed, in February 2011, the government could sell some of its stake on the stock exchange, leaving itself with a controlling stake.

He said London, Frankfurt and Hong Kong were possible venues for the SPO, but that the choice had not yet been made.