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. Last Updated: 07/27/2016

Soros on Svyazinvest

n MOSCOW (-- U.S. billionaire financier George Soros, a major investor in Russian telecoms giant Svyazinvest, called Wednesday for the sale of a 24 percent stake in the company to be opened up to foreigners.

The Russian government plans to sell the stake to Russian investors only in 1998, but Soros said foreign telecoms companies should also be allowed to bid, to boost the price of the share package and development of the sector in Russia, Interfax reported.

Soros said he had no immediate plans to bid in the 1998 auction.

The Hungarian-born financier contributed $980 million to a winning bid of $1.875 billion for a 25 percent stake in Svyazinvest in July.

In addition to Soros' Quantum Fund, the winning Cyprus-registered consortium called Mustcom Ltd. consisted of the powerful Uneximbank and its subsidiary MFK, and investment banks Renaissance Capital, Deutsche Morgan Grenfell and Morgan Stanley.