Russian Agriculture Min sees too early to sell stake in UGC

MOSCOW, Apr 3 (PRIME) – Selling a 50% plus one share stake in United Grain Company (UGC) to minority shareholder Summa Group is premature, First Deputy Agriculture Minister Dzhambulat Khatuov told reporters on Tuesday.

“We think that privatization of UGC – the position of the Agriculture Ministry has from the very beginning been that – this measure is premature. We think that UGC has been working effectively enough as a state tool of regulating the grain market for a decade. There was no need in splitting the company and leaving the government with zero start functions,” Khatuov said.

The state plan for privatization envisages the sale of the UGC stake in 2017-2019.

Co-owners of Summa Group brothers Ziyavudin and Magomed Magomedov were arrested on March 31 on charges of a 2.5 billion ruble embezzlement.

(57.2850 rubles – U.S. $1)

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