Scandinavian telecom operator Telia Co. AB (TELIA.SK) on Monday said it has proposed the sale of 35 million shares, or 5.65% of the issued share capital, in Russia-based MegaFon (MFON.MZ).
The Swedish company said it has launched an accelerated bookbuilding offering to institutional investors, a transaction it expects to settle on Oct. 5. The offer price and final number of shares sold will be determined at the conclusion of the process, it said.
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Telia, which currently holds a 25.2% interest in MegaFon, said the proposed sale is consistent with its strategy of focusing on operations in the Nordics and Baltics. The sale would reduce its stake to 19.5%.
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(END) Dow Jones Newswires
October 02, 2017 13:00 ET (17:00 GMT)