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Rostelecom mulls share buyback
25.01.2012
Rostelecom is preparing to repurchase 3.86% of its own shares, the national telecommunications operator said in a statement today.
Of this total, Rostelecom's subsidiary Mobitel will buy a 1.69% stake using a RUB 8.3bn (approx. USD 265m) loan taken out from VTB. The remainder will be purchased using another bank loan. On January 16, Rostelecom's board of directors approved providing a guarantee for a one-year loan at an interest rate of MosPrime Rate plus 3.25%. The amount of the loan was not specified.
Following the deal, Mobitel's stake in Rostelecom will increase to 6.55% and can be used for acquisitions or sold in a secondary public offering.
Rostelecom could reportedly buy its own shares from businessman Suleiman Kerimov, who has a 5.8% equity position in the operator.
www.rbcnews.com
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 | February 2012 |  |
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