Rostelecom Shares to Be Sold

By The Moscow Times

Jan. 27, 2011

A fund led by Svyazinvest’s former chief executive Yevgeny Yurchenko plans to sell at least 1 percent of long-distance phone company Rostelecom after it merges with regional operators.

“We’ve already discussed this with investment banks,” Yurchenko said Thursday in an interview in Moscow, without naming them. “We’re ready to sell no less than 1 percent.”

The A.S. Popov Fund, which former managers at Rostelecom and Svyazinvest are forming for telecommunications investments, expects to hold 10 percent of the combined Rostelecom. The fund wants to profit as the larger Rostelecom sells stock.

(Bloomberg)

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