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Russian government approves sale of Rostec shares in Kalashnikov Corporation

December 05, 2017, 21:15 UTC+3 MOSCOW

Kalashnikov Corporation is Russia’s biggest arms manufacturer

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MOSCOW, December 5. /TASS/. The Russian government has granted permit to the state corporation Rostec to sell a stake in the Kalashnikov Corporation to third parties. The relevant ruling was signed by Prime Minister Dmitry Medvedev on December 2.

Kalashnikov Corporation is Russia’s biggest arms manufacturer and part of the state corporation Rostec.

Earlier Rostec’s CEO Sergei Chemezov told reporters that the state corporation plans to sell 26% minus one share of the Kalashnikov Corporation.

The approval of the deal by the Russian government means that the share of private capital in the concern may be increased to 75% minus 1 share, while the state corporation will retain a blocking stake of 25% plus 1 share.

The Kalashnikov Corporation was put on the US sanctions list due to the developments in Ukraine. In 2014, the Kalashnikov Corporation almost doubled its output of small arms to 120,000 despite the sanctions. Earlier, Kalashnikov Corporation CEO Alexey Krivoruchko said that the corporation had managed to replenish its loss of the US market by promoting its products in Africa, Asia and Latin America.

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