Telia ‘to cut holding in MegaFon’ by selling $500m shares

By:
Alan Burkitt-Gray
Published on:

Unconfirmed reports say Telia will sell shares in Russian operator MegaFon

Telia is considering selling about a quarter of its 25% holding in Russian operator MegaFon, according to reports.

The reports, which originate from Bloomberg and cite “people familiar with the matter”, say Telia will sell $500 million worth of its holding, reducing its stake from 25% to 17.2%.

Telia has not commented; nor has it yet sold its stake in MegaFon.

The company – which last year rebranded from TeliaSonera to simple Telia – has been wanting to focus on its operations in Scandinavia and the Baltic states.

It has sold or put up for sale companies in Turkey and central Asia and is expected to gradually sell off its holding in MegaFon. Last October it reported a huge quarterly loss after being fined for corrupt dealings in Uzbekistan.