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Putin signs decree to transfer Crimean shipyard to Rostec

The shipyard’s shares will be transferred to the Kalashnikov Concern for trust management

MOSCOW, May 23. /TASS/. Russian President Vladimir Putin signed a decree to transfer the More shipyard (Feodosia, Crimea) to the state corporation Rostec as assets contribution in the period until 2019, the Russian leader’s decree published on the legal information portal states.

"To accept the offer of the Russian government to transform the federal state unitary enterprise More shipyard into a joint-stock company with 100% of its shares belonging to the government and to transfer the shares to the state corporation Rostec as assets contribution of the Russian Federation," the presidential decree informs.

"Our mission is to support the enterprise. The shipyard does not reach its capacity and needs to be modernized. In order to reach these goals, we plan to transfer its shares to the Kalashnikov [a Russian defense manufacturing] concern for trust management. The concern actively develops shipbuilding and consolidates assets in this sphere. One of its main areas of work is building of high-speed ships, where the More shipyard’s competences can be used," Rostec representative Leonid Khozin told TASS.

Earlier, the Russian Ministry of Industry and Trade informed that the federal state unitary enterprise More shipyard, located in Feodosia, will be transformed into a joint-stock company to form a part of the Rostec company. The shipyard’s shares will be transferred to the Kalashnikov Concern for trust management, which will extend its competences in the spheres of shipbuilding and production of goods from light alloy. It will also develop and modernize the enterprise. Along with civilian items, the More shipyard produces the Zubr-class air-cushioned landing craft ship and anti-submarine warfare vessels Sokol.

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