Russia’s USC to choose buyer of Finnish shipyard next week

MOSCOW, Oct 25 (PRIME) -- Russia’s United Shipbuilding Corporation (USC) will choose a buyer for Finland’s Arctech Helsinki Shipyard among three bids no later than next week, USC CEO Alexei Rakhmanov told reporters on Thursday.

“It is in the process. We have three bids on the table. I think that the we will define our principal choice no later than next week…We will sell the entire 100% stake…It will be a monetary transaction, and it may be a combination of money and assets,” he said.

He refused to disclose the sum of the deal, and said that the problem of subordination of the shipyard’s debt is 50% solved and that USC will continue discussions with banks.

USC also will keep access to the shipyard’s technologies, he added.

Currently, USC controls 100% in Arctech Helsinki Shipyard. In May, Rakhmanov said that the company may swap a 55% stake in the shipyard for shares in another company with Croatian group of companies Kermas, and he pointed out in June that the company may swap the stake for shares in Finnish ferroalloy producer Afarak Group.

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