Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Russia's MegaFon To Pay $5.15 Bln In Dividend, Seek IPO

Russian mobile phone operator MegaFon would pay a dividend of $5.15 billion to Swedish telecom firm TeliaSonera AB (TLSNY.PK, 0H6X.L), AF Telecom and Altimo and pursue an initial public offering, resolving the governance disputes. Also, the parties have agreed that AF Telecom would get majority control in MegaFon, while Altimo would exit and TeliaSonera would reduce its ownership but would keep a long term strategic ownership.

Further, TeliaSonera said it anticipates to receive nearly SEK 22 billion in dividends and proceeds from the divestment of its 8.2 percent indirect interest in MegaFon. In addition, TeliaSonera targets to keep a long term ownership of 25 percent plus one share in MegaFon after an IPO.

The company added, "By reaching an agreement with the two other partners, whereby MegaFon will pursue an IPO and adopt an agreed dividend policy, we have resolved the ownership disputes and found a way to increase both the liquidity and value of our asset. By reducing our ownership we expect to realize a significant amount of the accrued valued generated by MegaFon since its inception."

Click here to receive FREE breaking news email alerts for TeliaSonera and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
This apparel maker has doubled its earnings per share in just two years and regularly increasing its annual earnings forecast, despite a challenging consumer spending environment. Contributions from acquisitions, efficiency gains from self-owned global supply chain and benefits from 'Innovate-to-Elevate' strategy continue to boost the company's top-line and bottom-line results. Here is a quick summary of the earnings reported after the bell on Nov 20. We have 20+ stocks listed here. The good news is you can skip this step. There is a next move that can make your life a lot easier. Our research team has already done the groundwork for you. All these stocks listed... Design software maker Autodesk, Inc. said Thursday after the markets closed that its third quarter profit fell 81% from last year, as higher costs and expenses more than offset an 11% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.