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Sovereign Wealth Funds Briefing - Categorized | Investment

Russian Fund, Deutsche Bank to buy joint stake in Rostelecom

Posted on 14 October 2013

Russia’s sovereign wealth fund, the Russian Direct Investment Fund, and Germany’s Deutsche Bank AG (DB) are to buy a joint stake in Russian telecommunications company Rostelecom (RTKM.RS) for a combined 7.67 billion rubles ($238 million).
The money from the deal “will be used to further develop and strengthen the company’s market position,” the Russian fund said in a statement. The Russian government, which owns 55.2% of Moscow-listed Rostelecom, plans to sell its controlling stake for at least $5 billion by 2016, and the announcement comes not long after senior management changes at the company, which has been in the process of revamping its long-term strategy………………………………………..Full Article: Source


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