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M&A: MegaFon announces IPO plans

OJSC MegaFon is poised to float initial public offering (IPO) of common shares on the MICEX and global depositary receipts (GDR) on the London Stock Exchange in the fourth quarter Q4 2012, the company informed.

The IPO is expected to comprise the shares held by Sonera Holding B.V., a subsidiary of TeliaSonera AB, and by MegaFon Investments (Cyprus) Limited (MICL, a subsidiary of MegaFon).

The company will use the IPO proceeds to repay the current debt liabilities and for general corporate purposes including its further development and network expansion.

OJSC MegaFon (tax number: 7812014560) established in 2002, is the second largest mobile operator in the Russian Federation providing services to over 63 million subscribers. In June 2010, MegaFon acquired 100% of Sinterra shares. MegaFon's subsidiaries work in Tajikistan, Abkhazia and South Ossetia. The company's major shareholders are: MegaFon's shareholding structure is as follows: TeliaSonera holds 35.6% of shares, AF Telecom has 50% plus 1 share, MegaFon's subsidiary owns 14.4%.

MegaFon's authorized capital is RUB 62 million represented by 6,200,002 common shares at par value of 10 rubles.

US GAAP net profit of OJSC MegaFon for Q2 2012 decreased 6.7-fold to RUB 1.702 billion from RUB 11.343 billion for the same period in 2011. Consolidated revenue grew by 14% to RUB 66.76 billion from RUB 58.557 billion, OIBDA by 12% to RUB 28.263 billion from RUB 25.236 billion, OIBDA margin decreased to 42.3% from 43.1%.

According to the information and retrieval system DataCapital, net profit (RAS) of MegaFon for 2011 decreased by 10.4% to RUB 44.682 billion from RUB 49.87 billion for 2010. Revenue increased by 10% to RUB 226.311 billion from RUB 205.757 billion. Sales profit decreased by 3.2% to RUB 63.945 billion from RUB 66.043 billion.

"AK&M", 10.10.2012


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