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Business news, 09.01.2003 16:16

Petersburg Telecominvest concludes sale of Delta Telecom shares to Cypriot offshore company

Petersburg Telecominvest concludes sale of Delta Telecom shares to Cypriot offshore company The Telecominvest group has concluded a deal to sell its 25% stake in Delta Telecom to the Cypriot offshore company Telco Overseas. This was revealed by the company's press office on Sunday, January 5. The company also announced that it has sold its 100% stake in Neva Line to Inter-regional Transit Telecom, its 100% stake in BaltTelecom to Alsean-N, and its 100% stake in the Presscom publishing house to Infospace. The sale of BaltTelecom means that Telecominvest no longer controls its subsidiary St. Petersburg International. Commenting on the deals, Telecominvest general director Maxim Gorokhov declared that the sale of the shares was in line with the group's shareholder-approved development strategy of disposing of non-core businesses. However, Telecominvest press secretary Alexei Ionov says the company would not reveal how much the shares, including Delta Telecom shares were sold for. In February 2002, North-West Telecom announced its intention to sell its stake in Delta Telecom (24.1% of ordinary shares and 100% of privileged shares) to Telco Overseas for USD 2.9 million. However, the international rating agency Standard & Poors considered this figure to be artificially low and consequently lowered North-West Telecom's corporate rating. In May 2002, North-West Telecom officially announced that it was halting the sale of the shares. The Telecominvest group was established in 1994 by the Petersburg Telephone Network and St. Petersburg Intercity and International Telephone. Today Telecominvest combines companies that offer mobile and fixed-line communications and that produce telecommunications equipment and information and billing systems. Telecominvest's largest project is the nationwide mobile communications operator Megafon.

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