Russian business daily RBC Daily reported yesterday, quoting unnamed sources, that Rostelecom could postpone a secondary public offering (SPO) on the London Stock Exchange initially planned for April or May.
Like some other European and Asian companies, Russia’s national telecommunications operator does not consider the present period to be the most favorable for capital markets due to the situation in Japan, among other factors. In addition, fully audited results of the operator’s regional assets, currently under reorganization and a merger process, might not be available in time.
Rostelecom should hold an SPO shortly after the merger, Russian Communications and Mass Media minister Igor Shchegolev told journalists in January.
Rostelecom declined to comment on the SPO issue.
With 50.7% of ordinary (voting) shares, state-controlled holding company Svyazinvest is currently Rostelecom’s majority shareholder. DIA, the Russian Deposit Insurance Agency, owns 30.0% and Vnesheconombank holds 9.8% of the company’s ordinary stock. Rostelecom’s free float comprises the remaining approximate 10% of ordinary shares and 100% of the company’s preferred shares.
The proposed SPO would provide important minority shareholders with an exit possibility, notes RBC Daily.
Sources: RBC Daily, Rostelecom
