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Today in Russian Business

Will the predicted frenzy for IPOs by Russian companies this year find investor support? Golden Telecom, the fixed-line phone and Internet provider being bought by VimpelCom for $4.3 billion, forecast annual sales of $3 billion by 2012. Falling share prices in stock markets around the world “have sent shockwaves through the Russian bourses.” The Russian Trading System (RTS) index plunged 5.83% from Monday’s close to below 1,900 points in Tuesday morning trading in “the blackest day of trading in 18 months”. State-run Russian Railways has won an $800 million contract in Saudi Arabia to lay new track that includes 20 camel crossings. The Singapore government’s real estate investment in Russia’s PIK Groupwill see the construction of an entire neighborhood, including 50 high-rise apartment blocks, 13 commercial buildings, five elementary schools, seven kindergartens and two hospitals.” Supermarket chain Sedmoi Kontinent said its revenues grew 32% last year, boosted by strong consumer demand and the opening of six new stores.