Support The Moscow Times!

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)

Related articles:

Read more

The need for honest and objective information on Russia is more relevant now than ever before!

To keep our newsroom in Moscow running, we need your support.