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Putin signed law on acquisition of Sberbank’s ordinary shares by government

The law prescribes that acquisition of Sberbank’s shares will be made within the framework of investing money from the National Wealth Fund (NWF)

MOSCOW, March 18. /TASS/. Russian President Vladimir Putin signed the law on acquisition of 52.3% of ordinary shares in Sberbank by the government from the Bank of Russia. The document was posted on the official website of legal information on Wednesday.

The law prescribes that acquisition of Sberbank’s shares will be made within the framework of investing money from the National Wealth Fund (NWF).

Investment of NWF money into shares of Sberbank of Russia corresponds to management objectives of the Fund - ensuring safety of invested funds and stable revenues from their placement.

Ordinary shares in Sberbank will be sold on market conditions at a weighted average price of such shares for six full calendar months preceding the month when the first sale and purchase agreement is made, the document says.