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. Last Updated: 07/27/2016

Rostelecom Plans Share Sale Abroad

Rostelecom, Russia's biggest provider of international and domestic communications, has announced plans to sell some of its stock on foreign markets to attract between $200 million and $300 million in annual investment.

Kirill Skokov, Rostelecom's deputy director general, said that the company was planning a secondary share issue, part of which could find way into foreign markets, Interfax reported Tuesday.

Rostelecom and its financial consultant Merrill Lynch have studied the placement of Rostelecom shares on the international stock market, Skokov said.

The company also announced its intentions to team up with the Bank of New York to issue American Depositary Receipts, or ADRs, share surrogates that can be traded on foreign exchanges.

Skokov did not give any further details or indicate when the issue could take place.

Rostelecom's pre-tax revenue amounted to 4.1 trillion rubles ($820 million) last year, with net profit over 1 trillion rubles. Foreign investment into the company totaled $144 million last year.