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June 4, 1997updated 05 Sep 2016 1:06pm

RUSSIA WELCOMES FOREIGN BIDDERS FOR SVYAZINVEST STAKE

By CBR Staff Writer

The Russian government is welcoming foreign investors to bid for the tender for a 25% stake in the state-owned telecommunications monopoly AO Svyazinvest. The starting price is set at $1.16bn. Speculation suggests that Russian banks have insider information on the deal, although the government has set a 24% stake aside purely for Russian bidders which is scheduled to take place in the autumn. The state will retain a 51% stake in the company, and the sale will take place in July.

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