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Russian Helicopters shares may be sold to private investors — minister

June 17, 10:04 UTC+3
Industry minister does not rule out further sale of Russian Helicopters shares, bringing the share of private investors up to 49%
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© Sergei Bobylev/TASS

ST. PETERSBURG, June 17. /TASS/. Industry and Trade Minister Denis Manturov does not rule out further sale of Russian Helicopters shares, bringing the share of private investors up to 49%.

"This could happen, but we have certain restrictions for foreign investors. If it is Russian investors, then to have an approved solution - up to 49% in general, in addition to Rostec and other shareholders," he told reporters.

Russia’s state hi-tech corporation Rostec and the Russian Direct Investment Fund (RDIF) signed an agreement on the sidelines of the St. Petersburg International Economic Forum on Thursday.

According to Rostec CEO Sergei Chemezov, the deal may be worth $600 mln.

"The further effective development of the Group is now possible either through technological partnership or portfolio investors who will provide possibilities for Russian Helicopters to expand into new markets and gain foothold on them, in addition to direct financial injections. The value of the deal may reach up to $600 mln," Chemezov said.

A consortium of the RDIF and Mideast funds is planning to buy the 25% share package. Under the terms of the deal, the RDIF will subscribe to new shares issued by Russian Helicopters, aside from directly purchasing the share package.The deal is expected to raise additional funds for implementing the strategy and the business plan of Russian Helicopters Group, which stipulate developing new types of rotocraft and expanding into new markets.

The dividends

According to the industry and trade minister, Russian Helicopters could pay dividends for 2015 and 2016. "We believe that this practice will continue in the future. Following the results of 2016, and 2016 following the results of 2015," he said.

It was reported earlier that the Board of Directors of Russian Helicopters recommended an annual general meeting of shareholders not to pay additional dividends for 2015.

Russian Helicopters Group is a subsidiary of Russia’s state hi-tech corporation Rostec.

According to the document, the board of directors "has recommended the Russian Helicopters Group’s annual general meeting of shareholders not to pay additional dividends for 2015, considering the dividends paid for the nine months of 2015."

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