AFK Sistema will bid for a cellular license in China or buy out a stake in a mobile operator there, announced the company’s principal holder Vladimir Evtushenkov, on the photo.
Photo: Vasily Shaposhnikov
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Sistema Looks for Chinese Route
AFK Sistema is forging a development strategy in China, where it will bid for a cellular license or buy out a stake in a mobile operator, announced the company’s principal holder Vladimir Evtushenkov. Sistema will have to set into motion all lobbyist potential to get from China’s authorities a pass to the $100-billion cellular market that has been closed for foreign investors so far.
If we managed to get a cellular license for at least a portion of China, it would be a grand success for our all telecom business and we are working at it, Evtushenkov announced in London Friday during the meeting with investors. Sistema is also eyeing a chance to acquire a stake in one of China’s operators.
The definite moves are yet unclear, as the holding is just shaping a respective strategy for China. Potential cooperation of high-tech companies of Russia and China was discussed during the recent visit of Russia’s President Dmitry Medvedev to China.
Entering China’s market will take time, Evtushenkov made clear via his press service. “Four years elapsed from the time when we made a principal decision to enter the Indian market and acquired a cellular asset in this country. I don’t think expecting it to happen sooner in China will make sense.”
Sistema surged 2 percent on LSE on Evtushenkov’s statement. The analysts speculate that he might have attempted to step up Sistema’s worth in response to the merger of Golden Telecom and VimpelCom. The holding probably stakes on the overseas expansion, having chosen China and India for that purpose.
www.kommersant.com
All the Article in Russian as of June 02, 2008
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