Russia plans to cut stake in Rostelecom - Mobile World Live

Russia plans to cut stake in Rostelecom

01 OCT 2019

The Russian state reportedly plans to cut its stake in operator Rostelecom, government data outlining the privatisation of federal property between 2020-2022 showed.

News agency Tass reported it has seen a draft forecast plan for privatisation of blocks of shares in the biggest companies in the country, which are claimed to have a leading position in their respective economic sectors.

Along with Rostelecom, the state is considering selling its stake in hydroelectric power generation company Rushydro, oil player Transneft and power operator Rosseti, among others.

Rostelecom, one of the leading operators in Russia, is majority state-owned and provides a range of digital solutions in Russia.

The Russian government has ownership of the company through the Federal agency for state property management, possessing around 45 per cent as share capital and 48.7 per cent as ordinary shares.

In September, Reuters reported that Rostelecom’s ownership structure was set for a shake-up.

Russian bank VTB expects to receive a 17 per cent stake in Rostelecom, as part of a deal to sell its stake in Tele2 Russia to the state-owned operator.

Rostelecom owns a 45 per cent stake in Tele2 Russia, while VTB owns the remaining 55 per cent.

The deal could be completed by the end of the year.

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Yanitsa Boyadzhieva

Yanitsa joins Mobile World Live as a Reporter based in London. She has more than 5 years’ experience at various media outlets in her home country Bulgaria. She started her career as a political reporter, followed by taking editor roles...

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