Rostelecom seeks to list on London Stock Exchange

Russian Rostelecom, part-owned by the Russian state with 53.2% of ordinary shares, is seeking approval from the Financial Services Authority to list its shares on the London Stock Exchange, the company said Tuesday.

The aim of the technical listing is to increase the liquidity of the shares, a spokesman said. The free float of the company, which provides long-distance telephone services, comprises 40.7% of ordinary shares.

Listing the company in London enables Rostelecom to give large western funds access to its shares. The listing should be completed by the end of the year, the company spokesman said. Rostelecom already trades on Russia's RTS and MICEX stock exchanges.

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