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Svyazbank may buy 40% of Rostelecom

Russia's Svyazbank may buy 40% of long-distance telecoms provider Rostelecom's voting shares from KIT Finance.

KIT Finance started buying Rostelecom shares on the stock exchange at the start of 2006. It used these shares as collateral on repo loans, and became insolvent last autumn when the share price crashed.

After this, KIT Finance was bought by Russia Railways and state-owned diamond miner OAO Alrosa, and received a 60 billion ruble ($1.77 billion) loan from OAO Gazprom's banking arm.

Two people close to Svyazinvest and KIT Finance told Vedomosti that the Rostelecom shares will be sold in order to repay this debt.

Svyazbank also came close to bankruptcy during Russia's banking crisis last autumn and was rescued with a $2.5 billion loan via the central bank.

Источник: Total Telecom

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