Friday, November 17, 2017

Rostelecom completes second phase of merger with Svyazinvest

Last week, Rostelecom announced that it has completed its second stage of the merger with telecommunications firm Svyazinvest, resulting in the acquisition of 20 subsidiary companies.

Under control of Rostelecom exclusively, former subsidiaries of Svyazinvest will no longer be recognized by the Russia's United State Register of Legal Entities.

Moreover, upon competition of the merger's second stage, Rostelecom's total number of ordinary shares has been reduced by 9.3 percent to 2.67 billion shares. In total, 1.35 million Rostelecom shares previously belonging to Svyazinvest have been cancelled.

"The completion of the second stage of Rostelecom's reorganization is a major landmark which represents one of the most important events in the company's history and improves Rostelecom's investment attractiveness," Rostelecom President Sergei Kalugin said.