08/11/1998 15:46:50 Russia opens Svyazinvest tender to foreigners
MOSCOW, Aug 11 (Reuters) - Russia will allow foreign
investors to bid in an investment tender for a 25 percent stake
minus two shares in the national telecom holding Svyazinvest, a
decree signed by President Boris Yeltsin on Tuesday said.
According to previous Svyazinvest privatisation plans, the
stake was meant exclusively for Russian investors.
Last year a consortium led by Russia's UNEXIM Bank bought a 25 percent plus one share
blocking stake in Svyazinvest for $1.9 billion in a deal which provoked bitter political
The state intends to keep a controlling stake of 50 percent plus one share in
The Property Ministry said in June it expected to sell the non-blocking 25 percent
minus two shares in Svyazinvest for about $1.5 billion.
Sales of the Svyazinvest stake, as well as stakes in oil companies Rosneft<PFGS.RTS>
and LUKoil <LKOH.RTS> and in gas giant Gazprom<GAZPq.L>, could form the lion's share of
privatisation revenues in the second half of this year.
((Aleksandras Budrys, Moscow Newsroom, +7095 941-8520 firstname.lastname@example.org))