Official: Russia hopes to sell 25% in Sovcomflot for 24 bln rbl

MOSCOW, Mar 24 (PRIME) -- Privatization of Russian shipping company Sovcomflot may raise 24 billion rubles, of which 12 billion rubles will be allocated to state coffers, Vitaly Sergeichuk, head of the department for property relations and privatization of largest companies of the Federal State Property Management Agency, told the budget committee of the State Duma lower house on Tuesday.

“We are talking about 12 plus 12 billion rubles; 12 billion rubles are likely to be allocated to the company, and 12 billion rubles to the budget, ” he said.

The government plans to sell a 25% stake in the shipping company in the first stage of the privatization, half of which will comprise existing shares, and the other half will be new shares. Proceeds from the sale of existing shares will be allocated to Sovcomflot and revenues from the sale of new shares will be sent to the budget, Sergeichuk said.

(59.4452 rubles – U.S. $1)

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