Gazprombank eyes up deals for Rostelecom preferred shares

21 Aug 2012

According to RBC Daily, a number of major investors are keen to acquire Rostelecom’s preferred shares, although the national telecoms operator has yet to confirm its decision to convert them into ordinary shares. The newspaper reports that Gazprombank has offered all owners of preferred shares the opportunity to sell them through private brokers, although the premium being offered by the bank is believed to be minimal, prompting shareholders interviewed by the business daily to reject the offer. Gazprombank declined to comment on the issue, and a source close to the lender went on record to deny these claims. Rostelecom is expected to make a decision regarding the conversion of its preferred shares into ordinary stock in September 2012, although some sources have suggested that the stock conversion is unlikely to be carried out before early-2013.

Russia, Rostelecom