Corbina IPO in doubt

30 Jan 2008

Vimpelcom’s acquisition of Golden Telecom may result in the cancellation of an initial public offer (IPO) by another Russian broadband provider, Corbina Telecom. Corbina is 51%-owned by Golden Telecom so Vimpelcom’s buy-out of Golden means it will become the majority shareholder. Local news portal CNews reports that Vimpelcom’s director general, Alexander Izosimov, does not see the Corbina IPO as ‘reasonable’. ‘Buying Golden Telecom we undertake the responsibilities regarding Corbina, so, if necessary, we will hold the IPO,’ he says. ‘But,’ he adds, ‘I hope we will be able to discuss the issue with Corbina’s other shareholders and find an alternative solution, which might help us avoid an expensive listing of numerous subsidiaries and daughter companies.’ Besides Golden Telecom, Corbina’s shareholders include the Renova Media group and businessman Alexander Mamut.

Russia, Beeline (Russia), Corbina Telecom, VEON