Relic of Soviet Era to Be Floated Later This Year
Intourist, the communist-era monopoly tour agency, which warily shepherded tourists around the Soviet Union, is readying for a flotation.
Intourist, the communist-era monopoly tour agency, which warily shepherded tourists around the Soviet Union, is readying for a flotation.
Sistema, the parent company that owns 72% of the firm, said yesterday that it hoped to issue shares later this year. Sistema's president, Vladimir Yevtushenkov, told the business daily Kommersant that he wanted to exit Intourist because it was a non-core asset. If the flotation did not work, it could then be sold on to a private buyer.
A spokesman said the offering represented a cheap way to acquire capital to develop the hotel chain.
Sistema, the parent company that owns 72% of the firm, said yesterday that it hoped to issue shares later this year. Sistema's president, Vladimir Yevtushenkov, told the business daily Kommersant that he wanted to exit Intourist because it was a non-core asset. If the flotation did not work, it could then be sold on to a private buyer.
A spokesman said the offering represented a cheap way to acquire capital to develop the hotel chain.
Use the feedback form below to submit your comments.
Use the form below to email this article to your friends.
- What does Market Monopoly mean?
- Gazprom to Bid for Yukos Facility
- Microsoft Ordered to Open Up
- Record £331m Fine for Microsoft
- Microsoft Faces Big Eu Fines As Talks Fail
- Ferrero Loses Monopoly Over Kinder Sweets
- China's One-party Monopoly of Power is Coming to an End
- Horse Racing: Punters Are the Casualties in Turftv Wars
- Kremlin Inc Ready to Take on the West
- Setanta Sports Challenges Sky's Monopoly on the Premiership
- Democrats Take Control of House
- If One Side in a Conflict Goes Nuclear, the Other is Bound to Follow Suit
- A Question of Anti-trust
- Microsoft Tells Brussels It Has Complied With Anti-monopoly Ruling
- Russia Restores Full Eu Gas Supplies
- Europe's Space Race With Us Begins
- Spanish Champion Takes Monopoly's Top Hat
- Characteristics of Monopoly