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Moscow, Sep 12 (RBC) -- Rostelecom is again preparing to sell its stake in parent company Svyazinvest, which is the second stage of Rostelecom's reorganization, RBC Daily reported today, citing sources aware of the situation.
Rostelecom, the national telecommunications operator, has ordered a new appraisal of its equity stake in the state-owned holding to be conducted in order to sell it to state corporation Vnesheconombank (VEB). Svyazinvest is expected to be either wound up or taken over by Rostelecom during the second stage of reorganization, sources said. The government is expected to approve one of these options in November. Should Svyazinvest be liquidated, Rostelecom will have to cancel its treasury shares in the company and for this reason it will have to assign them to the state bank, sources explained.
Rostelecom and VEB have been in talks over what to do with the operator's stake in Svyazinvest for over a year. The value of the stake has risen to more than 40 billion rubles (approx. $1.35 billion) from 26 billion rubles (approx. $876 million).