Svyazinvest to up Central Telegraph stake

15 Jun 2010

Reuters is reporting that Russian telecoms powerhouse Svyazinvest may secure the government’s 29% stake in Moscow-based ISP Central Telegraph in exchange for issuing new shares to the government. Svyazinvest, which already has a 51% stake in Central Telegraph, is currently undergoing a major restructuring intended to increase its efficiency and boost its share of the broadband market. Vedomosti quotes Russia’s Communications Minister Igor Shchyogolev as saying that the government’s stake in Central Telegraph should be handed over to Svyazinvest without the tender, along with stakes in three other telecoms operators. In return, Svyazinvest would issue additional shares in favour of the state.

Russia, Svyazinvest