28 April 2004 20:50
Soros confirms plans to sell stake in Svyazinvest
BISHKEK. April 28 (Interfax) - American financier George Soros said at a news conference in Bishkek that he plans to
sell his stake in the Russian telecommunications holding company Svyazinvest and that the deal is being negotiated.
In 1997, Soros acquired Svyazinvest's 25% plus one share stake in the Mustcom consortium. In 2003, he said he
had lost $1 billion on the deal.
The Financial Times earlier reported that Soros had agreed to sell this stake to Access Industries for $600
million-$700 million. Access Industries' owner Leonard Blavatnik is a major shareholder of TNK-BP.
Svyazinvest' net profit in 2004 is projected at 17.4 billion rubles, a decrease of 15% from preliminary figures
for 2003. The holding company's earnings are targeted at 186.4 billion rubles against 150.1 billion rubles in
2003.
Mustcom's shareholders have not formally held a vote on the deal. [RU EUROPE EEU EMRG KG ASIA MRG TEL] sd tj
[Interfax] |
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