Russian Government Approves Sale of Telecom Giant Svyazinvest
The Russian government has approved a draft decree paving the way for the long-awaited privatization of telecom giant Svyazinvest, the Interfax news agency reported on Thursday, Sept. 8.
The decree, delayed earlier on security grounds, has been submitted to President Vladimir Putin for his approval, the agency said quoting a source in the government. The report could not be immediately confirmed.
The privatization of 75 percent minus one share in Svyazinvest — which analysts say could be worth nearly $3 billion — is seen as a key indicator of the government’s commitment to modernizing the economy.
Svyazinvest unites seven regional fixed-line operators as well as the national long distance operator Rostelecom, and it is expected that the government will retain a so-called golden share or right of veto in the privatized company.
posted by Fergie @ 9/08/2005 07:14:00 AM
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