Nazarov said yesterday the other companies in question were Svyazinvest's subsidiaries Uralsvyazinform, Tsentralny Telegraf, Tsentrtelekom, and Volgatelekom, in which the state holds unwanted minority stakes. These stakes were set to be auctioned off in late 2004 and early 2005, but the events were cancelled due to a lack of bidders.
Yelena Bazhenova, an analyst with Aton Capital, says the privatization of these stocks is sensible, but says the prices in the past were so high that investors just could not afford them.
However, yesterday a consortium of five non-governmental organizations, headed by the Regional Social Organization for Telecommunications Reform, published a report on Svyazinvest that suggests that a rushed privatization would not benefit the state. Analysts are divided over the issue. While Bazhenova believes that, now that Svyazinvest has been successfully restructured and optimized, it should be sold as soon as possible to encourage the telecommunications market in general, Yevgeny Golosnoi, an analyst with Troika Dialog, warns against any judgments on the figures of future privatization until an independent comprehensive appraisal.
The state, through its 75% minus one share in Svyazinvest, currently holds controlling stakes in seven interregional telecommunications operators and Rostelecom, the national long-distance operator.
