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Russian property agency preparing requirements to sell Rostelecom stake

May 22, 2014, 13:15 UTC+3 ST. PETERSBURG

No limitations for investors have been introduced so far, and a pool of participants is yet to be formed

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Russia’s Federal State Property Management Agency Director Olga Dergunova

Russia’s Federal State Property Management Agency Director Olga Dergunova

© ITAR-TASS/Mikhail Metsel

ST. PETERSBURG, May 22. /ITAR-TASS/. Russia’s Federal State Property Management Agency is preparing a list of requirements for investors to qualify for sale of a government stake in state-controlled telecom giant Rostelecom, Director Olga Dergunova told reporters Thursday on the sidelines of the St. Petersburg Economic Forum.

Dergunova said: “We are following the schedule, because the privatization is set for 2014.”

“We are preparing an offer jointly with consultants and the Communications Ministry. It means a discussion with special clients, determination of technical conditions; a new investor will have to comply with these requirements,” the agency’s head said.

At present, no limitations for investors have been introduced, and a pool of participants is yet to be formed, she said. “We all understand, however, that the Moscow Exchange is the main floor for the placement,” Dergunova said.

At present, the agency owns a 46.99% common stake in Rostelecom, Mobitel - 9.38%, state-owned bank Vnesheconombank - 4.13%, and the Russian Direct Investment Fund and Deutsche Bank own each 1.35%. The company’s capitalization amounts to about 227 billion rubles.

Rostelecom is a universal communications operator. It services 26.4 million subscribers of fixed connection, 13.8 million subscribers of mobile connection, 9.6 million broadband internet access subscribers and 6.9 million pay TV subscribers. Its own long-haul network amounts to 500,000 kilometers, and over 2.6 million kilometers of local grids.

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