13
October
2006
Metropol (UK) Limited have successfully completed the introduction of Teleset Networks shares to AIM of the London Stock Exchange
Dealings in the Cypriot company’s securities have commenced
early this morning under the ticker symbol “TNW”. Metropol
(UK) Limited, a London-based affiliate of IFC “Metropol”, has been
retained as Teleset Networks’s nominated AIM broker.
Teleset Networks is a leading independent fixed-line telephony
and internet service provider in the city of Kazan. The
company’s subscriber base consists of almost 75,000 residential and
corporate customers located in the capital of the Republic of
Tatarstan. Over the last 8 years, the shareholders of Teleset
Networks have invested approximately $23 million in
state-of-the-art digital telecom equipment and modern fibre-optic
cable infrastructure spanning the city. A long-term
commitment provided to the company by its shareholders, management
and employees has enabled it to capture around 20% of the local
fixed-line telephony market and become the second largest, after
Tattelecom, telecom operator in Kazan.
Financial results of the company during the last few years
indicate it enjoys high operating margins and has effective cost
control systems in place. According to the company’s audited
financial statements for 2005, Teleset Networks had revenues and
net profit of $9.5m and $2.5m, respectively.
Admission of the company’s shares to AIM is intended to
facilitate the implementation of an ambitious investment programme,
which includes introduction of new services and increasing the
market share in Tatarstan and its neighbouring regions.
By introducing Teleset Networks shares to AIM, Metropol
continues the successful development of its long-term strategy of
utilizing AIM to promote smaller fast-growing companies with assets
in the CIS countries, which require access to reasonably priced
capital in order to support their expansion. Previously,
Metropol (UK) Limited assisted in the IPO of 27.2% of Ukrproduct’s
shares, which took place at the beginning of 2005 and resulted in
the Ukrainian dairy producer’s raising around $10m in new
investment. In December 2005, Metropol acted as AIM broker to
Zirax, a speciality chemicals manufacturer, and raised over $13m to
fund the company’s investment projects.
Further information is available at the following address:
Metropol (UK) Limited, tel. +44 (0)20 7439 6880, or at the press
office of IFC “Metropol”, tel. +7 095 933 3310.
