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. Last Updated: 07/27/2016

Stet, Uzbek Accord

ROME () -- Italian telecommunications firm Stet has signed a preliminary accord with Uzbekistan to help develop the former Soviet republic's international and regional telephone network, Stet said Tuesday.

Stet said it would hold a 37.4 percent stake in the new company, Udinet, while the local Uzbeki telephone operator would take 51 percent and Germany's Siemens AG 8 percent.

Udinet will have an initial capitalization of $30 million, rising to $100 million next year and $160 million in 1998.