Source Pravda.Ru

MGTS expects $300m in revenues from IPO

Moscow City Telephone Network (MGTS) is planning to raise about $200m to $300m in revenues from its IPO, MGTS General Director Mikhail Smirnov declared. According to him, the concrete date of making the company's IPO is not known, however, it might be in November 2004. As reported earlier, Svyazinvest, one of the MGTS shareholders (23.3 percent), is against holding an IPO. Smirnov noted that corresponding consultations with Svyazinvest were made about this problem.

The company will enter the international financial market within a year after shareholders adopt a decision to make an IPO, Smirnov added.

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