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Svyazinvest will be absorbed by Rostelecom and liquidated -- source


Yesterday a government commission on Transport and Communications, headed by Deputy Prime Minister Sergei Ivanov, considered options for the second phase of reorganization of "Svyazinvest"

Officials finally decided the concept of the second phase of restructuring the telecommunications holding company "Svyazinvest" - it will be absorbed by "Rostelecom" and then liquidated.

"The meeting has adopted a decision in principle to eliminate "Svyazinvest", - said one of the interlocutors of the "Prime" agency.

"The main working concept - the elimination of "Svyazinvest". It will quickly merge with the holding of "Rostelecom", - said another source.

Details of the merger were not approved at the meeting, thet'll take another month.

The first phase of "Svyazinvest" reorganization ended on 1 April 2011, when seven of its inter-regional telecommunications companies (ITC) and OJSC "Dagsvyazinform" were merged with "Rostelecom". The condition of the reorganization, on which has insisted the government was the preservation of state control in the merged company.

At the present time "Rostelecom" owns 25% plus one share of "Svyazinvest", which, in turn, is the largest shareholder of "Rostelecom". In the case of accession of "Svyazinvest" to "Rostelecom" on the balance sheet of the last treasury shares will appear, which by law must be redeemed or sold, which entails a reduction of state control. It was assumed that these securities will be redeemed by VEB, however, as have previously reported by the press, now the bank is opposed to this deal, considering it inappropriate.

Until the end of the year the government will decide what to do with blocking shareholding of "Svyazinvest" on the balance of "Rostelecom", knows an informed source.

Yesterday was approved the first version, according to which "Rostelecom" along with the state will take part in the purchase of additional shares of "Svyazinvest" with which it will pay the additional assets acquired from the state (21.8% of the "Central Telegraph" 28.2% "Bashinformsvyaz", 75 % "Chukotkasvyazinform", 100% "Ingushelektrosvyaz" and 38% of the MMTS number 9), but will pay with no money, but with its shares.

This issue was discussed and agreed, confirmed the meeting participant. To participate in the purchase of additional issue "Rostelecom" will need a special presidential decree, say both sorces.

"Today no specific schemes have been adopted. The discussion of the details, including the issue of cross-shareholdings, it was decided to take about a month. Until the end of the year should be adopted a final decision on the scheme", - says the source of "Prime".

In the case if "Svyazinvest" will be deprived of autonomy, top managers who won't get any posts in "Rostelecom" are likely to receive compensation. As the newspaper RBC daily reported, Committee on Remuneration of the holding company's board of directors has considered the matter. What kind of amounts is involved remains unknown.

In the Ministry of Communications, "Rostelecom" and "Svyazinvest" refrained from commenting on the meeting and its outcome. |

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