IPOC planning massive spend

1 Dec 2006

The Bermuda-based investment fund IPOC says it is planning to invest between USD1 billion and USD1.5 billion in Russia’s telecoms market over the next six months. IPOC investors have already begun buying up shares of Svyazinvest subsidiaries, and it is thought they are also looking at taking a stake in number-two cellular operator Vimpelcom, Prime Tass reports, citing Russian business daily Vedemosti. IPOC already owns 8% of third-placed cellular operator MegaFon and lays claim to another 25.1% of the cellco, although this has been disputed in a long-running court battle with Alfa Group which claims to have bought the MegaFon stake in 2003; IPOC said it had pre-emptive rights to the stake.

Russia, Beeline (Russia), MegaFon, Svyazinvest, VEON