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Russian government decides not to sell stake in Rostelecom in 2014

June 09, 2014, 17:24 UTC+3 MOSCOW
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MOSCOW, June 09. /ITAR-TASS/. The Russian government has decided not to sell its stake in telecom giant Rostelecom in 2014, First Deputy Finance Minister Tatyana Nesterenko said at a meeting on Monday.

Along with Rostelecom, the government will not sell stakes in state-owned shipping company Sovcomflot and Novorossiysk Commercial Sea Port (NCSP) this year.

“Considering uncertainty with the value of these assets, the government decided not to offer stakes in these companies for sale,” Nesterenko said.

The Federal State Property Management 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 each own 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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