Source Pravda.Ru

Svyazinvest Increases Income by 16% in 2002

The Svyazinvest holding's income in 2002 rose by 16% in comparison to 2001, to USD 3.67 billion. The company's return after tax was 11.3%. Last year Svyazinvest invested 26.7 billion roubles (USD 850 billion) in the development of its communications facilities. This expenditure allowed it to introduce a record figure of 2,6 million local telephone numbers in 2002. In 2003 Svyazinvest intends to increase its return after tax to 12.9% and introduce 3 million numbers.

The Communications Investment Company (Svyazinvest) is one of the largest telecommunications holdings in the world. It includes 78 regional communications operators, Giprosvyaz, and intercity and international operator Rostelecom. The holding's main shareholder is the state, in the form of the Property Ministry (50% + 1 share) and the Russian Federal Property Fund (25% - 2 shares). Cyprus-registered corporation Mustcom, which consists of ONEXIM Bank, the Renaissance Capital investment fund, Deutsche Morgan Grenfell investment bank, Morgan Stanley Asset Management, and the George Soros Quantum Fund, holds a blocking stake of 25% + 1 share. Svyazinvest has a market capitalisation of over 19.5 billion roubles (USD 620 million), with 19,518,337,220 ordinary shares of a nominal value of 1 rouble.

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