Russia prepares privatization of 25% in Sovcomflot shipping company

MOSCOW, Feb 19 (PRIME) -- Russian shipping company Sovcomflot (SCF Group) and Deutsche Bank are preparing privatization of a 25% stake in the shipping company, the Federal State Property Management Agency reported on Thursday.

“At the moment Deutsche Bank and Sovcomflot are preparing a share offering taking into account market conditions and specifying the best schedule for such placement,” the agency said.

the Federal State Property Management Service believes that Sovcomflot is ready for privatization, and is waiting for a window of opportunity to sell the company. The government does not rule out selling part of its stake in Sovcomflot in New York, although the service keeps various options in mind, including the Moscow Exchange as prioriy.

In 2013 Sovcomflot sold 280.9 million shares of a new issue in an initial public offering raising 280.9 million rubles.

The Economic Development Ministry appointed Deutsche Bank to organize the IPO.

The state planned to privatize 25% of Sovcomflot, including 12.5% of the additional issue, soon and a 100% stake of the shipping company by 2016.

(62.4001 rubles – U.S. $1)

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