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Russian government approves sale of 48% of Ilyushin Finance Company's shares

April 10, 2014, 10:22 UTC+3 MOSCOW
1 pages in this article

MOSCOW, April 10. /ITAR-TASS/. The government of the Russian Federation has approved the sale of 48.4% of shares of the Ilyushin Finance Company (IFC) shares belonging to the United Aircraftbuilding Corportation (known for the Russian acronym "OAK"), at a price that will be not below the market average and determined by an independent appraiser.

A respective instruction was signed by Prime Minister Dmitry Medvedev and placed on the Cabinet's website.

The Company's shares, which are on the balance-sheet of the OAK, were not re-evaluated and their cost remains equal to the balance-sheet cost at which the shares were assigned to the charter capital of the Corporation 8,75 million rubles, that is, 66.8 on average. The nominal value of one share of the IFC is 55.6 rubles.

IFC shares are being sold under the program for the divestment of non-core assets.

In accordance with the Russian President's assignment, the OAK and its subsidiaries and associates (The Sukhoi Company and private joint-stock company "Sukhoi Civil Airliners"GSS") in conjunction with Vneshekonombank are busy working out mechanisms for a financial reorganization of the GSS and and for funding the SSJ-100 program, also through referring to the company the proceeds from the sale of an block of IFC shares belonging to OAK.

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