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Russia to start getting Rostelecom sale terms ready by July

May 22, 2014, 16:57 UTC+3 ST. PETERSBURG
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ST. PETERSBURG, May 22. /ITAR-TASS/. Russia’s Federal State Property Management Agency will start preparing by July 1 terms and conditions of the deal to sell a government stake in state-controlled telecom giant Rostelecom, the agency’s Director Olga Dergunova told reporters on the sidelines of the St. Petersburg International Economic Forum on Thursday.

“We are working on the deal, preparing technological conditions so that special clients of Rostelecom could continue receiving the certain service,” Dergunova said.

She reiterated that the agency must have negotiated with all special clients in January-May and formulate corresponding conditions and technical limitations for investors, which could bid for the state stake in the telecom company.

“On the whole, they are worded; we are cooperating with the Communications Ministry on conditions, and they should become a part of the deal in the future,” she said.

Dergunova said earlier on Thursday that the agency is preparing a list of requirements for investors to qualify for sale of a government stake in Rostelecom. She 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 subscribers of the broadband internet access, and 6.9 million subscribers of pay TV. Its own long-haul network amounts to 500,000 kilometers, and over 2.6 million kilometers of local grids.

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