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Velcom shares are to be redistributed by Belarusian governmnet

Author: Mikhail Doroshevich

21/05/2004

Counsil of Ministres issued decree #566 on "State ownership of Belarussian-Cuprys joint venture Mobile Digital Service (Velcom) share of capital"

According to the decree of the Council of Ministers of the Republic of Belarus issued on May 14, 2004, 30,9% of Belarusian-Cyprus company Velcom should belong to the government.

Before Velcom shareholders SB Telecom Ltd. (Cyprus), Belarusian Beltechexport and Beltlecom had 69,9%, 30% and 0,1 % respectively.

After the redistribution the government will hold 30,9% (USD 3mln 90 thousand), SB Telecom - 49%, Beltechexport - 20% and Beltelecom -0,1%.

In 2003 Belarusian Ministry of Communications put forward proposal to increase governmental share.

But during press conference which took place on October 24, 2003 Belarusian President repudiated this initiative.

But nevertheless the decree was adopted half a year later. It is stated in the decree that redistribution of shares will be carried out "without compensation" and that the Ministry of Economy will appoint a governmental institution to manage that 30,9% share of Velcom.

Useful links:

Velcom
The Council of Ministers of the Republic of Belarus
Communications and Informatization Ministry
Decree #566 on "State ownership of Belarussian-Cuprys joint venture Mobile Digital Service (Velcom) share of capital" (in Russian)

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