The Ukrainian telecom company, ZAT Telesistemy Ukrayiny, has announced it will raise
1.31 billion hryvnias (USD280 million) by issuing additional shares. We undertsand that Telesistemy will use the proceeds to 'speed up development'.
The Ukrainian telecom revenue is forecasted to have grown to US$7.7 billion by the end of 2011. Mobile comprises the largest part, with 52.0%, of the total communications services revenue.
The upside is clear. Penetration is only around 27%.