In a truly remarkable development, Russia’s largest provider of electronic mail, A/O Relcom, has informed its shareholders that the board is considering selling a 50% stake in the company to FAPSI, the Federal Agency Governmental Communication & Information, formerly a part of the KGB. Right now, Relcom has statutory capital equivalent to$45,372 in shares with a nominal value of $0.23. The main shareholders are the Kurchatov Institute of Atomic Energy, A/O Rinako, Tekhnobank and the RTSB exchange. In May, Relcom chairman Alexie Soldatov announced plans to increase the Relcom statutory fund to $453,720, which he said about matches the current asset value of the company. This will be done in two stages. Firstly the nominal value of Relcom shares will be raised to $1.13 from $0.23. The rest of the cash will be raised from selling a 50% stake in the company. Soldatov said that if no suitable investor can be found, that 50% will be sold to FAPSI; Soldatov acts as a consultant to the agency.
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