From GOI

Russian Group Looks at $2b for Telecom Sector

Russian industrial and financial holding Alfa Group plans to invest up to $2 billion in Indonesia's telecommunications sector as well as other sectors, Alfa Bank said in a statement Monday (4/12/06), citing its president Pyotr Aven.

Aven met with Indonesian President Susilo Bambang Yudhoyono, who was recently on a visit to Russia. Yudhoyono welcomed Alfa Group's intention to invest in Indonesia, saying that the holding would have the support of the Indonesian government, Alfa Bank said, according to Prime-TASS, Russia’s leading business news agency.

Alfa Group has been seeking to expand its telecommunications business into Southeast Asia. The company recently established a representative office in Vietnam.

Altimo, the telecommunications arm of Alfa Group, controls a 32.9% voting stake in Russia's second largest mobile operator VimpelCom and a 29% stake in US-registered telecommunications operator Golden Telecom.

It also indirectly owns about 44% in Ukraine's largest mobile operator Kyivstar, a 25.1% stake in Russia's third largest mobile operator MegaFon, and a 13.22% stake in Turkey's largest mobile operator Turkcell.
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