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. Last Updated: 07/27/2016

Svyaz Sale Set For September

The Russian government will request bids in September on a further package of shares in Russian telecommunications giant Svyazinvest, Russian Privatization Minister Farit Gazizullin announced Tuesday, Interfax reported.

The call for tenders will be on the sale of 25 percent of the shares less two, the minister said.

Sale of an initial package of 25 percent of the shares plus one last June gave rise to some lively polemics, as the government was accused of having favored a financial group close to the power structure, Uneximbank. But a government inquiry concluded last September that the partial privatization had not been illegal.

The International Monetary Fund, which has agreed to extend its financial support for Russia for a year, says the government has pledged to insure "more transparent" privatizations this year.