OAO Rostelecom, Russia’s long- distance phone operator, rose the most in almost two months after Vedomosti reported President Vladimir Putin ordered the completion of its merger with OAO Svyazinvest, the national telecommunications holding.
Rostelecom added 2.2 percent to 127.86 rubles by the close in Moscow, its biggest gain since March 14.
On May 2, Putin ordered the merger of the two state-owned companies be completed by April next year, Vedomosti reported today. Svyazinvest owns 13 percent of Rostelecom, according to data compiled by Bloomberg.
“With this order Putin has confirmed that the privatization of Rostelecom is on its way,” Victor Klimovich, an analyst at VTB Capital, said by phone.
To contact the reporter on this story: Ksenia Galouchko in Moscow at email@example.com
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org