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Gov't ponders buying into Svyazinvest
RBC, 18.11.2008, Moscow 17:48:44.A number of analysts do not rule out the possibility that the government may acquire a 25-percent stake in Svyazinvest for $1.9bn, as they told RBC today. Earlier, several media sources claimed that the Russian Communications and Mass Media Ministry had sent a letter to Deputy Prime Minister Sergei Ivanov, saying that it did not object to the purchase of 25 percent of Svyazinvest shares by the government. The stake is owned by Sistema Financial Corporation, whose main shareholder Vladimir Yevtushenkov previously estimated its value at $1.9bn. However, Sistema has declined to comment on the matter. Experts point out that the size of the deal is likely to amount to $1.9bn, as the current market price of roughly $1bn is lower than the actual value of the asset, which could be estimated between $1.9bn and $3bn. Some analysts believe, however, that if the deal is approved, the sum will be lower, reiterating that Sistema needs to obtain funds as soon as possible to refinance foreign banks' loans.
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