Russia’s state-controlled telecoms giant Rostelecom has postponed its imminent listing on the London Stock Exchange (LSE) until early next year, citing regulatory red-tape as the reason. A company source told Reuters: ‘The listing of Rostelecom’s securities is being moved to the beginning of 2012, because the UK’s financial market regulator needs more time than usual to endorse the company’s prospectus’.
As previously reported by TeleGeography’s CommsUpdate, in May 2011 Rostelecom applied to Russia’s financial markets regulator to list up to 25% of its shares on an overseas stock exchange – at that time believed to be the LSE. In a disclosure document revealed later that month, the telco indicated its intentions to list 735.8 million shares, out of a total of around three billion, by the end of 2011. However, telecoms minister Igor Schegolev explained: ‘As a rule, before a company can place shares on an exchange it has to present auditable accounting documents for the previous year. Therefore, it would be proper to consider such a possibility from 2012’.