Putin allows govt to cut stake in Russia’s VTB to 42.8%

MOSCOW, May 12 (PRIME) -- President Vladimir Putin has allowed the government to reduce the state interest in Russia’s second largest lender VTB to 42.8% from the current 60.9348%, according to a decree released on the Web site for legal information on Thursday.

“The stake of the government will stand at 42.83% in case interest in common shares is reduced to 50% plus one share. We remind you that the plan of the federal property privatization does not envisage a state stake reduction beyond this level,” according to the statement.

Aside from VTB, the government’s privatization list for 2016 includes stakes in oil companies Rosneft and Bashneft, shipping company Sovcomflot, and uncut diamond giant ALROSA.

Russia’s Economic Development Ministry earlier suggested appointing Renaissance Broker as the organizer of the VTB sale.

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