Svyazinvest Telecom Holding Almost Doubled Net Profits in 2002

Russian telecommunications holding Svyazinvest made a net profit of USD 365 billion over the first nine months of 2002, a year-on-year increase of 89%. The holding's press office announced on Monday that Svyazinvest's gross revenue for January-September 2002 increased by 26% year-on-year and totaled USD 2.6 billion while sales profit rose by 49% totaling USD 750 million.

Svyazinvest is one of the seven largest telecom holding companies in the world, incorporating 78 regional telecom operators, as well as Giprosvyaz and Rostelecom, the national domestic long-distance and international operator. Svyazinvest charter capital is about USD 610 million, consisting of 19 518 337 220 ordinary shares with par value of one rouble. The Russian state is the main shareholder of Svyazinvest through the Ministry of State Property (50% plus one share) and the Russian Federal Property Fund (25% minus two shares). A blocking stake (25% plus one share) is owned by the Cyprus Mustcom Ltd consortium, owned by Oneksim Bank, investment company Renaissance Capital, investment bank Deutsche Morgan Grenfell, Morgan Stanley Asset Management and the George Soros Quantum Fund.

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