The incumbent Ukrainian telco Ukrtelecom has revealed that it expects to raise at least $1.6 billion (€1.2 billion) through the sale of a 37.86% stake in the company on the London Stock Exchange later this year. The floatation will follow the sale of a further 5% of shares locally, likely to earn Ukrtelecom a further $200 million. Although Ukrtelecom is majority (92.8%) owned by the state, plans for its partial or full privatisation have been mooted for a number of years. Earlier this month the telco posted revenues of UAH7.878 billion (€1.227 billion) for 2006, or 1.5% more than the previous year. However, its net income fell by 15.6% to UAH513 million.