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BelCel shares of state-owned companies is to be reconsidered

Author: Mikhail Doroshevich

09/12/2003

Mr. Vladimir Goncharenko, Minister of communications of Belarus, announced that share fraction of state-owned companies - BelCel stockholders i to be augmented by the 12th of December. At present major BelCel shareholders - private companies omstrut International (Netherlands) and Infobank (Trustbank) and state-owned MGTS and Minskobltelecom- have 50%, 17%,29,7% and 3,3% respectively

Mr. Goncharenko explained that there is no obstacles to reconsider earlier decision of BelCel board of promoters to pass 17% share fraction to Infobank.

Minister of Communications criticized activities of the BelCel foreign investor having stressed his dissatisfaction with the rates of BelCel cdma 2000 network extension. "After 10 years of functioning BelCel have only 20 000 subscribers, "- said Mr. Goncharenko.

BelCel founded in 1993 started its functioning as NMT-450 standard mobile operator. After February 2003, the company launched cdma 2000 network. At present Belcel cdma 2000network covers the territory with 50% of population. Both NMT-450 and cdma2000 networks cover 61% of the territory of Belarus.

Minister of Communications promised that MDC share fractions will be reconsidered as well in the near future and reminded that state -owned Beltelecom, one of MDC shareholders, has the controlling interest in a company.

Useful links:

Communications Ministry
Velcom
Belcel

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