Copying and distributing are prohibited without permission of the publisher 05 September 2012
Russian operator MegaFon plans to raise $4 billion by selling 123m shares on London exchange
Read more: MegaFon Russia IPO share sale London Stock Exchange Usmanov
MegaFon, the fourth largest telecom operator in Russia, has put forward a request to the UK?s Financial Services Authority seeking approval to list proxy shares in London, a step that will bring the company closer to an initial public offering of its shares.
The Russian operator, controlled by businessman Alisher Usmanov, is asking to list 123 million shares, which is 19.9% of its 620 million shares outstanding, the company said in a filing.
Usmanov, the richest man in Russia who is also a shareholder in London?s Arsenal football club, gained control of MegaFon in a complex deal in April 2012. Sources then said MegaFon was looking at floating a 20% stake which could be worth as much as $4 billion. Usmanov?s AF Telecom holds 50% plus one share of MegaFon. Swedish operator TeliaSonera owns 35.6% in MegaFon while 14.4% is held as treasury stock.
In April, the parties announced that TeliaSonera would reduce its share in MegaFon to 25.1% through the proposed IPO. GTB
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