Ukrtelecom, Ukraine’s largest telecommunications company, decided to start selling Series J and K bonds for UAH 245 million on October 19, Ukrainian News has learned from a copy of a statement made by the company.
Decisions on placing the bonds were made on July 28 and September 8.
In particular, the company decided to issue 125,000 bonds of Series J and 150,000 bonds of Series K in uncertificated form of the nominal value UAH 1,000 each.
The securities will be floated in open.
Placement of Series J bonds ends on April 19, 2011 (or until the day of placing the last bond if earlier).
Placement of Series K bonds ends on July 19, 2011 (or until the day of placing the last bond if earlier).
Both series will be redeemed from October 18 to 24 2011.
The company plans to channel the funds raised through sale of the bonds to improving efficiency of the existing telecommunication system, building and upgrading the network infrastructure, including the third generation mobile communication (3G).
The means will be also used to develop the promising services, such as provision of broadband internet access and international connections with help of IP technologies, introduction of a system of convergent voice communication services, video calls and data transfer.
As Ukrainian News earlier reported, the Cabinet of Ministers in September approved of privatisation of 92.79% of Ukrtelecom.
Ukrtelecom occupies 78.5% of the fixed-line telephony market in Ukraine and provides services to 9.9 million subscribers.
