Rus News Journal

Have gone on rapprochement

the State can agree with System in MGTS

Rosimushchestvo declared yesterday the new tender for an estimation of a share of the state holding share sale Svyazinvest in MGTS. The state intends to spend 4 million rbl. for definition of fair cost of 23,3 % of actions of MGTS which intend to buy System a Telecom . As a result the company estimation can grow on 100 million dollars Itself System time and again declared that it is not ready to get this package at the price above exchange, however branch analysts are assured that the parties already about something have agreed.

the federal agency on management of federal property (FAUFI) declared yesterday competition for works according to market cost 23 - the percentage package of MGTS belonging to Svyazinvest . The initial price of the contract - 4 million rbl. Work should be made for 30 days.

The Previous estimation of cost of a package has been named by the state by underestimated. In June of this year company KPMG has spent an estimation of 28 % of actions of MGTS belonging to Svyazinvest (later a share Svyazinvest in MGTS about 23,3 %) have been washed away, and has transferred results in Rosimushchestvo. MGTS actions have been estimated in 518 rbl. for a piece. Rosimushchestvo has considered a package estimation Svyazinvest made KPMG, incorrect as in report KPMG cost of superfluous basic means of MGTS, including objects of real estate has not been considered. Rosimushchestvo has recommended KPMG to correct an estimation and to present a new variant to department. However now became obvious that estimation KPMG will not use at all. daily it was not possible to contact representatives of Rosimushchestva, and in a press - to service KPMG have declared that do not make comments on a situation.

system a Telecom Initially insisted on that the package price was defined by MGTS stock value at a stock exchange (now, proceeding from MGTS stock quotes on RTS, package cost would make 416 million dollars) . System a Telecom already did the offer under the repayment of actions of MGTS - in March of this year and in December, 2005 twice. Svyazinvest did not participate neither in the first, nor in the second offer from - that the state did not give on it the permission. As a result a management Systems has refused idea to get a share Svyazinvest such way. At a meeting with journalists head Systems a Telecom Sergey ShChebetov has declared that System is not going to do the third offer and will wait a signal from the state about readiness to sell a package. In October of this year head Mininformsvjazi Leonid Rejman has given such signal.

the minister has declared that Svyazinvest can sell belonging to it 28 - a percentage share holding of Open Society the Moscow city telephone system within the limits of the two-way deal, instead of under the offer.

analyst IK ATON The hope of Golubeva considers that the announcement of the new tender for calculation of cost of a package Svyazinvest in MGTS can testify that the state at last could come to any preliminary agreement with System a Telecom . Head Comstar - OTS Eric Frank last Friday, addressing to conferences in Barcelona, has told that the company is close to the transaction conclusion on package purchase in MGTS, - has reminded an analyst. - if the given transaction will take place, it becomes considerable positive event for Comstar - OTS as MGTS represents the largest and most valuable active Comstar - OTS . However the size of growth of cost Comstar - OTS depends on the package price. The order for an estimation says that Comstar - OTS probably, it is necessary to lay out more than 420 million in which last time have estimated a package. Then officials have expressed opinion that the presented estimation is underestimated. By our calculations, fair cost of this package - 520 million dollars

However, it is not excluded that Eric Frank`s expectations cannot come true. we consider that market price of actions of MGTS is quite adequate, - the analyst " has explained; Three Dialogue Andrey Bogdanov. - Anyway it was possible to find a variant of sale of a package Svyazinvest in MGTS, without wasting time on carrying out of a new estimation. The impression is made that the state in general wants to sell this active, but anybody from officials does not wish to incur responsibility, various occasions therefore are invented to drag out this process .

Analyst IK finam Vladislav Kochetkov is assured that transaction cost will depend finally on arrangements between System and the state, and the estimation has more likely formal character. The fair price - very abstract concept, - speaks it, - the sum can change on some tens percent from - for accepted by the appraiser of assumptions. The stock quote also at desire can be manipulated. As a result, most likely, cost of a package of MGTS will be defined kuluarno. The independent appraiser only will fix arrangements if, of course, they are reached .

ANTON BURSAK