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MegaFon Confirms Plans for Stock Market Listing by End of the Year
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Russia's MegaFon has confirmed its previously announced intention to proceed with an initial public offering (IPO) of its shares.
The announcement comes after several delays to the expected stock market listing. MegaFon initially planned the IPO for July but postponed it because of the Eurozone crisis.
MegaFon will list its shares on the Moscow Stock Exchange and shares in the form of Global Depositary Receipts (GDRs) on the London Stock Exchange in the fourth quarter of 2012.
The floatation was part of a settlement of a long running dispute between its shareholders earlier this year when it made a US$5.15 billion payment to its three shareholders, TeliaSonera, AF Telecom and Altimo.
The shareholders also reshuffled their holdings, leaving TeliaSonera with 35.6 percent, AF Telecom 50 percent plus one share while MegaFon, through its own subsidiary, owns the remaining 14.4 percent.
The shareholders agreed to work towards an IPO, involving up to 20 percent of MegaFon's shares, of which TeliaSonera and MegaFon will contribute with up to 10.6 percent and 9.4 percent, respectively.
If the IPO had not been carried out by the end of 2014, TeliaSonera had the right to sell its stake to AF Telecom or MegaFon itself.
TeliaSonera and Altimo are still in dispute over their investment in the Turkish mobile network, Turkcell.
Tags: [teliasonera] [megafon] [altimo] [Russia]
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