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Privatization slot for VTB and Bashneft will be in fall — minister

May 24, 21:22 UTC+3
The slot for privatization of government stakes in VTB Bank and oil producer Bashneft may appear in fall, says Russia’s Minister of Economic Development
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BRATISLAVA, May 24. /TASS/. The slot for privatization of government stakes in VTB Bank and oil producer Bashneft may appear in fall, Russia’s Minister of Economic Development Alexey Ulyukayev said on Tuesday.

"I believe such slots are available for VTB and Bashneft. However, this is a subtle point because VTB is exposed to restrictions related to sanctions," the Minister said.

"Although sales of issued shares [by VTB - TASS] are not under restrictions, investors are highly afraid of such risks," Ulyukayev said. "This is a delicate job. I am not ready to say how it will end," he added.

Meanwhile, the Ministry of Economic Development sent a draft directive to the government on Bashneft’s dividends to be equal to 50% of the net profit under the IFRS, Ulyukayev said. "We sent a draft directive on Bashneft to the government. 50% [of the net profits] under the IFRS are suggested [as dividends - TASS]," he added.

 

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