September 15, 2006 at 13:42Comstar will buy big
Having completed an IPO on the London Stock Exchange in February of this year, COMSTAR - United TeleSystems plans to allocate about 70% of the funds received for the acquisition of companies. This was announced at an investment conference by Eric Franke, CEO of the company.
According to Mr. Franke, companies will be acquired both in Moscow and in other regions of Russia. Plans for these acquisitions have already been prepared, and the company will publish them in early October 2006 - after it announces the financial results for the first half of 2006. But it is already known that companies will be acquired that are not primarily part of the Svyazinvest holding structure.
In addition, Prime-TASS reports, the company intends to reorganize the management structure by creating a corporate center. As the general director of the company explained, this is necessary to centralize the management of "daughters" and branches in connection with the expansion of the business through the purchase of operator companies.
Recall that COMSTAR-United TeleSystems is one of the largest Russian telecom operators, created in May 2004 through the merger of Comstar, MTU-Inform and Telmos.
According to Mr. Franke, companies will be acquired both in Moscow and in other regions of Russia. Plans for these acquisitions have already been prepared, and the company will publish them in early October 2006 - after it announces the financial results for the first half of 2006. But it is already known that companies will be acquired that are not primarily part of the Svyazinvest holding structure.
In addition, Prime-TASS reports, the company intends to reorganize the management structure by creating a corporate center. As the general director of the company explained, this is necessary to centralize the management of "daughters" and branches in connection with the expansion of the business through the purchase of operator companies.
Recall that COMSTAR-United TeleSystems is one of the largest Russian telecom operators, created in May 2004 through the merger of Comstar, MTU-Inform and Telmos.