Golden Telecom floated on Nasdaq

Golden Telecom, the recently formed subsidiary of international telecom company Global TeleSystems Group, raised $64 million in an initial public offering last week. Golden Telecom is a consolidation of Global TeleSystems' Russian and CIS assets that was set up in mid 1999 to help keep the company’s European businesses safe from Russia-related risks. The parent company floated Golden Telecom's initial public offering on Nasdaq in the United States, effectively diluting its share in the new company by a third to 66 percent. Global TeleSystems Group has been operating in Russia since 1983 and has since then invested more than $200 million to develop its local businesses. It runs TeleRoss, Sovintel, Sovam Teleport and several cellular telephone operators. Last year, the companies grouped in Golden Telecom reported an aggregate loss of $33.6 million, four times larger than the loss of $7.9 million recorded in 1997.

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