A Mobile License For Ukrtelecom (UTEL: HOLD).

Transport and Communications Minister Yevhen Chervonenko criticized the National Communications Regulation Commission (NCRC) for the delay in issuing a G3 mobile license to Ukrtelecom. He added that increasing the value of UTEL before its privatization is essential. Concorde Capital: NCRC has just begun its work and the delay in issuing the license to UTEL does not mean that the commission does not want to provide the license. Developing the mobile network will demand an additional USD 80-100 mln per year, while it is not clear if the company will attract needed funds to finance its fixed network development. After failing to issue a USD 350 mln Eurobond in the first half of this year, the company has said it will try to obtain a USD 500 mln syndicated loan from international banks to finance its CapEx.