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State Firm to Sell Assets

Russian Technologies said it plans to dispose of telecom assets seen as noncore for the company, including an indirect stake in Russia's No. 2 wireless carrier, MegaFon.

Sergei Chemezov, the head of Russian Technologies, also said the company is considering both a sale to a strategic investor and an initial public offering for its Russian Helicopters holding company.

Russian Technologies owns a 4.5 percent stake in Garsdale, which in turn holds 50 percent of shares in MegaFon and 100 percent of next-generation carrier Scartel, which uses the Yota brand. Metals tycoon and Arsenal football club backer Alisher Usmanov holds 82 percent of Garsdale.

Chemezov told reporters that telecom assets were a noncore business and that the conglomerate would sell them "over time" after an increase in their value.

(Reuters)

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