Russia’s Rostelecom has reportedly postponed its technical listing on the London Stock Exchange (LSE) until May at the earliest.
Dow Jones reported chief executive Alexander Provotorov said at a conference that a secondary share placement isn’t…
Russia’s Rostelecom has reportedly postponed its technical listing on the London Stock Exchange (LSE) until May at the earliest.
Dow Jones reported chief executive Alexander Provotorov said at a conference that a secondary share placement isn’t a current priority for the company, although a May listing is possible.
Reports the state-controlled telecoms operator would list on the LSE began to circulate early last year. In April, newswires quoted Provotorov as saying up to 25% of the company’s shares would be listed on the exchange in late 2011.
In December, Reuters cited an unnamed source as saying the listing had been delayed because the UK financial market regulator needed longer than usual to assess the company’s prospectus. Rostelecom declined to comment.
Rostelecom’s ordinary and preferred shares are currently traded on the Russian Trading System (RTS) and Moscow Interbank Currency Exchange (MICEX). The Russian government owns 53.2% of ordinary shares and the company has a free float of 44.1% of outstanding ordinary shares and 71.1% of outstanding preferred shares.
