Rostelecom launches RUB30bn buyback

19 Aug 2013

Russian telecoms giant Rostelecom has launched a RUB30 billion (USD911.9 million) buyback offer for around 30% of the shares held by minority investors, local media outlets have reported, citing sources close to the firm. Rostelecom’s offer is open to any shareholders who opposed or did not vote on the firm’s recent merger with state-run shareholder Svyazinvest.

As reported by TeleGeography’s CommsUpdate last month, the number of shareholders who participated in the company’s Extraordinary General Meeting (EGM) comprised 61.6% of the total number of voting (ordinary and preferred) shares; 97.7% of participating shareholders voted in favour of the company’s reorganisation.

Russia, Rostelecom, Svyazinvest