Support The Moscow Times!

Rostelecom Stake Sale Proposed

The Economic Development Ministry has proposed selling at least a 50 percent government stake in telecommunications firm Rostelecom after its merger with Svyazinvest is completed, a news report said Tuesday.

The proposal was stated in a letter to First Deputy Prime Minister Igor Shuvalov written by Economic Development Minister Andrei Belousov, Vedomosti reported, citing a source familiar with the document.

Rostelecom's merger with Svyazinvest is expected to be completed sometime between October and November.

Experts estimated expected proceeds from Rostelecom's privatization at 150 billion to 200 billion rubles ($3 billion to 4 billion).

Communications and Press Minister Nikolai Nikiforov said late last year that the privatization of Russia's fixed-line monopoly would become feasible in 2015, Interfax reported.

Currently, Svyazinvest holds 41.84 percent of Rostelecom, while the government owns 7.43 percent. The government's stake in Svyazinvest is 75 percent.

(MT)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.