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. Last Updated: 07/27/2016

Business in Brief

Altimo Eyes 3-Way Tie-Up

HELSINKI -- Altimo, the telecoms arm of private equity group Alfa, would be keen to form a giant telecom operator together with TeliaSonera and Norway's Telenor, the company was quoted as saying.

"It is a very interesting thought," Altimo vice president Kirill Babayev told the Finnish daily Helsingin Sanomat in comments published Friday.

Babayev said Altimo would not, however, be interested in a stake in Finland's second-largest operator Elisa or third-largest mobile carrier DNA. (Reuters)

ASM in Gazprom Talks

ROME -- Italian utility ASM is in talks with Gazprom to buy natural gas, as consumption of the fuel rises on power plant demand, Renzo Capra, the company's chairman said Friday.

Negotiations on a long-term contract began this month and an agreement may be completed within three months, Capra told reporters on the sidelines of a conference in Milan.

"We expect to close by September or October," he said. "I am very optimistic." (Bloomberg)

VimpelCom Ruble Bond

Mobile phone company VimpelCom plans to issue 15 billion rubles ($580 million) in bonds to pay off debt and finance development, the company said Friday in a statement.

VimpelCom plans to issue five-year bonds in two series, of 10 billion rubles and 5 billion rubles, respectively, the company said. (Bloomberg)

Siemens Power Venture

FRANKFURT -- Siemens has started a power transmission joint venture in Russia with Elektrozavod, Siemens power transmission and distribution chief Udo Niehage said Friday.

Siemens will hold 51 percent in the venture. (Reuters)

Uralsvyazinform Net Falls

Uralsvyazinform, the fixed-line phone monopoly in the Urals region, said Friday that its 2006 profit fell 56.5 percent on amortization and higher pension payments.

Net income fell to 828.7 million rubles ($32 million), or 2.1 kopeks a share, from 1.9 billion rubles, or 4.7 kopeks per share, one year earlier, the Yekaterinburg-based company said in a statement. Sales rose 7 percent to 33.9 billion rubles under international accounting principles. (Bloomberg)

TGK-1 Profit Falls 8%

TGK-1, the main producer of electricity and heating in the northwest, said profit declined 8.2 percent last year, Interfax reported Friday.

Net income slid to 1.56 billion rubles ($60.1 million), the agency said, citing the company's earnings statement. The results were calculated according to international accounting standards, it said, without providing more details immediately. (Bloomberg)

X5 Mulls Russian Receipts

X5 Retail Group, the country's largest grocery chain, may be the first company to list so-called Russian depositary receipts in Moscow, Vedomosti said Friday, citing Vladimir Gusakov, deputy head of the Federal Service for Financial Markets.

X5's ordinary shares trade in London. The first Russian depositary receipts, which, like American depositary receipts, are local securities representing shares of stocks listed abroad, are expected to begin trading in October, the newspaper said. (Bloomberg)

Svyazinvest Mobile Sale?

Svyazinvest's regional phone units may sell their wireless assets within the next 18 months, Interfax reported Friday, citing Alexander Kiselev, CEO of the national fixed-line monopoly.

Svyazinvest's regional units will have to sell off the mobile businesses because they cannot attain a license for the so-called third-generation services, the agency reported. (Bloomberg)

Shuvalov's Shipping Post

Presidential aide Igor Shuvalov was appointed Friday to energy shipper Novoship's board of directors, Interfax reported.

Other appointments, decided at the company's annual shareholder meeting, included Alexei Klyavin, deputy director of the Transportation Ministry's Federal Sea and River Transportation Agency. (MT)

Enel Ups OGK-5 Stake

ROME -- Italian utility Enel completed the purchase of a further 4.96 percent stake in power generation company OGK-5 for $281 million, raising its total share of the company to 29.99 percent, Enel said in a statement.

Enel bought 25.03 percent of OGK-5 on June 6 for $1.52 billion. (Reuters)

Sistema Director Elected

Sistema, billionaire Vladimir Yevtushenkov's holding company, got one director elected to North-West Telecom's board after it had candidates rejected for three other units of state-controlled monopoly Svyazinvest.

North-West Telecom shareholders elected Sistema representative Ivan Zolochevsky to its 11-member board, the company said Friday in a statement. (Bloomberg)

VolgaTelecom Dividend

VolgaTelecom, the dominant phone company in the Volga region, will pay 633.4 million rubles ($24 million) in dividends for last year, the company said its web site Friday after its annual meeting.

Shareholders of VolgaTelecom voted to pay 2.99 rubles per preferred share and 1.57 rubles per common share, the company said. (Bloomberg)