Comstar Increases Shareholding in RTC
OREANDA-NEWS. June 24, 2010. “COMSTAR – United TeleSystems” JSC (“Comstar” or “the Company”) (LSE: CMST), the largest integrated telecommunications provider in Moscow and 82 Russian cities, announced that it has increased its stake in the share capital of JSC Regional Technical Centre (“RTC”) to 96.24% of the common shares, from the previous level of 86.21%. RTC is the leading alternative regional fixed-line telecommunications operator in the
The 10.03% stake in RTC was acquired within the framework of a voluntary tender offer made by Comstar to the minority shareholders of RTC, for a total cash consideration of approximately RUB 88.5 million.
The transaction is part of the restructuring of Comstar’s regional group of companies under the umbrella of Comstar-Regions, which was created in August 2009 through the merger of the Group’s largest subsidiaries. Comstar-Regions is now the sole centre for the consolidation of the Group’s regional assets, which include the branches in the Central, North-West, Southern,
Viktor Koresh, General Director of Comstar-Regions commented: “Comstar plans to continue to acquire shares in RTC from minority shareholders going forward. A unified regional company will allow Comstar to manage its regional assets in a more efficient manner, as well as to engage in the integration with MTS and implement single convergent solutions for all of our assets. We continue to work towards merging our regional assets under the Comstar-Regions umbrella.”
Regional Technical Centre is the leading alternative operator in the
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