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. Last Updated: 07/27/2016

Svyazinvest Bid

MOSCOW -- Russia's AFK Sistema plans to bid in an auction for 25 percent minus two shares in state telecoms holding Svyazinvest, a company official said Thursday.

"It is impossible to participate in this auction alone, we are talking about very big money," Vladimir Yevtushenkov, chairman of AFK Sistema, said at news conference.

He said Sistema was in talks with a number of investment banks and Interros financial-industrial group, which includes Uneximbank, one of Russia's biggest banks.

Sistema holds controlling stakes in Moscow City Telephone Network, or MGTS and Moscow Telephone Network, a cellular phone operator.