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RF govt plans to end or reduce state participation in 12 largest co

June 22, 2012, 14:06 UTC+3

The government also plans to gradually alienate Rosneft shares belonging to the Rosneftegaz

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MOSCOW, June 22 (Itar-Tass) —— The government plans to end or reduce the state participation in the share capitals of 12 major Russian companies by 2016.

The government also plans to gradually alienate Rosneft shares belonging to the Rosneftegaz.

The corresponding resolution of Prime Minister Dmitry Medvedev is published in the government website.

By 2016, the participation of the Russian Federation is planned to end in the share capitals of the open joint stock companies Zarubezhneft, RusHydro, INTER RAO UES. International Airport Sheremetyevo, Aeroflot - Russian Airlines, The Russian Agricultural Bank and ALROSA (with coordination of sales of shares belonging to the state property of the Republic of Sakha (Yakutia) and municipal property with the possibility to use the funds from the privatization for the republic's infrastructure development), the document says.

The share of the Russian Federation participation is planned to be reduced in the capitals of open joint stock companies Transneft (to 75 percent and one share), Unified Energy Systems (to 75 percent and one share), the Uralvagonzavod scientific and production corporation (to 75 percent and one share), the United Shipbuilding Corporation (to 50 percent and one share) and the United Aircraft-Building Corporation (to 50 percent and one share).

The Russian government will set the timing and ways to privatize the companies with the market conditions and recommendations of leading investment consultants taken into consideration, in cases stipulated by government resolutions.

Alienation of Rosneft shares owned by Rosneftegaz is also planned beginning 2013 with its participation in the capital to end by 2016.

When sales of state shares of fuel and energy companies are organized, it must be additionally taken into consideration that Rosneftegaz before early 2015 may be investor of fuel and energy companies, stakes in which are planned for privatization. Rosneft will present programmes to finance the deals, envisaging the use of dividends.

For a number of companies ( RusHydro, Aeroflot-Russian Airlines, Zarubezhneft, the United Grain Company and ALROSA), the government considers it is possible to use the special rights for the Russian Federation participation in management of joint stock companies (golden share).



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