Deputy PM: Russia likely to privatize Sovcomflot in June–August

MOSCOW, Apr 5 (PRIME) -- Russia is likely to privatize 25% in state-owned shipping company Sovcomflot in June–August, Deputy Prime Minister Igor Shuvalov told reporters on Wednesday.

“We generally expect this procedure to happen in summer. We are working with the management of the company. There is no final decision on the matter, but it will be done closer to the summer,” he said.

Economic Development Minister Maxim Oreshkin said earlier in March that the sale of 25% in Sovcomflot is planned for the first half of 2017. The government will receive 75% of proceeds from the deal, while the remaining 25% will be allotted to the company, he said. In March, VTB Bank’s First Deputy CEO Yury Solovyov said the bank plans to start a pre-marketing campaign for the privatization in June.

Shuvalov said that a decision to the date of privatization is not connected with a government ruling on the size of dividends of state companies.

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