The board of directors of Russian national operator Rostelecom have formally approved the consolidation of 100% of the ordinary shares of regional operator Bashinformsvyaz. Going forward, the company plans to stage a voluntary share buyback from Bashinformsvyaz’s shareholders at a price set by an independent appraiser of no more than RUB8.53 (USD0.16) per ordinary share. The consolidation process could take several months and will require total investment of around RUB2.4 billion.
Maria Florentyeva, senior vice president of Rostelecom, commented: ‘Consolidating 100% of Bashinformsvyaz will help us to speed up the operational integration and improve internal efficiencies at Bashinformsvyaz. The whole process will allow Bashinformsvyaz to continue to develop within the Rostelecom group, and will enable the group to fully realise potential synergies.’
Bashinformsvyaz provides telecoms services in the Republic of Bashkortostan, using microwave technology and fibre-optic connectivity. Meanwhile, Bashinformsvyaz’s subsidiary Bashtelecom, provides GSM-900 services across the region.