State bank may take control of telecoms holdings

16 Feb 2009

Russia’s state development bank VEB may acquire a 40% stake in long-distance operator Rostelecom which is being sold by investment bank KIT Finance. A report from Dow Jones, which cites Russian business daily Kommersant, also reports that VEB could assume ownership of the government’s 75% stake in state telecoms holding company Svyazinvest and will take over the 25% stake held by private telco Comstar UTS should Comstar decide to reoffer its stake to the government.

Russia, Rostelecom, Svyazinvest