MOSCOW, May 29 (RIA Novosti) - Russia's Corbina Telecom could issue up to 25% of its stock through an IPO in Moscow, London or New York in late 2008, company co-owner Alexander Mamut said Tuesday.
Earlier reports said Golden Telecom [NASDAQ: GLDN], a leading Russian telecommunications company, had completed the acquisition of a 51% stake in the owner of Corbina Telecom, Cortec.
Under a shareholder agreement and a share purchase agreement signed in February, Golden Telecom received the 51% stake in exchange for 8% of its common stock and $10 million in cash.
The remaining 49% in Corbina Telecom, a Moscow-based broadband Internet provider, is controlled by Inure, a company co-owned by Mamut and Renova Capital.
Established in 1995, Corbina Telecom services some 155,000 customers in Moscow and 24 Russian regions. The company plans to reach over 600,000 users by late 2008.
