Rostelecom subsidiary Mobitel has reportedly secured an Rbs 8.3bn (US$265m) loan to finance the buyback of Rostelecom shares.
Reuters reported the Russian state-controlled telecoms operator has obtained the loan from local bank VTB.
According to…
Rostelecom subsidiary Mobitel has reportedly secured an Rbs 8.3bn (US$265m) loan to finance the buyback of Rostelecom shares.
Reuters reported the Russian state-controlled telecoms operator has obtained the loan from local bank VTB.
According to recent reports in Russian news media, Mobitel is set to buy more than half (3.1%) of local billionaire Suleiman Kerimov’s 5.8% stake in Rostelecom.
The Moscow Times cited a report in Russian-language newspaper Kommersant as stating Kerimov stands to gain as much as Rbs 1.5bn (US$47.7m) from the sale of the stake, which he acquired from minority shareholder Yevgeny Yurchenko last November.
The report stated Kerimov may sell his remaining 2.7% stake as part of Rostelecom’s impending share offering on the London Stock Exchange, widely tipped to take place later this year.
In November, Rostelecom announced its board had authorised the buyback of up to US$500m worth of ordinary and preferred shares via one of its subsidiaries.
