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. Last Updated: 07/27/2016

Telecominvest Plans to Raise Capital

ST. PETERSBURG -- Telecominvest, a holding company that has stakes in over 30 telecommunications companies in Northwest Russia, is preparing to raise its charter capital through a private placement of its stocks.

The deal, slated to be finished by Dec. 15, should raise Telecominvest's capital by $50 million to $100 million, said Anton Osipchuk, the firm's deputy general director in charge of finance.

"The consortium [of investors should] be founded by the end of the year," he said.

"We hope to make it one of the biggest post-crisis deals," Osipchuk said.

The Federal Securities Market Commission registered the 48,393,370 rubles ($1.8 million) issue of Telecominvest in November. There will be 4,839,337 shares issued with a nominal price of 10 rubles each. Through the sale charter capital should increase from 49,999,800 rubles to 98,393,170 rubles ($3.8 million).

The company, which is 51 percent foreign-owned, plans to maintain the share of foreign ownership at the same level and attract Russian investors, Osipchuk said.