Mobile TeleSystems (MTS), the largest mobile network operator in Russia, has proposed spinning off its infrastructure assets, an idea it's taking to shareholders.
For a special shareholder meeting, the company has added to the agenda the proposal to split off its passive infrastructure - cell towers and related assets - into a wholly-owned unit called Tower Infrastructure Company (TIC), said a note from the Russian carrier.
It's also suggesting the separation of a significant share of its active network and digital infrastructure (fixed, data centre, and cloud computing) into the entity MWS-1.
If that's approved, MWS-1 would be integrated into the company's existing wholly-owned unit MTS Web.
"As provided for under Russian regulations concerning voting on matters of reorganization, the Board also decided that owners of MTS ordinary shares voting against the above items or those who abstain from voting will be eligible to submit their shares for repurchase at the price of RUB 326.73 per ordinary share, based on the weighted average trading price over the six months before the Board decided to call for the EGM," it said.