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October 17, 2011

 

Russian government to sell United Grain Co's share

 

 

Forty-nine percent of United Grain Company's shares may be sold by the Russian government to private investors, the company's CEO Sergei Levin said Friday (Oct 14).

 

In August, Russian President Dmitry Medvedev issued a ruling to increase the company's charter capital via a share offering, Levin said. The charter capital is planned to almost double to around RUB233.742 million (US$7.63 million) from RUB116.871 million (US$3.81 million).

 

Under the ruling, the government plans to retain a 50% plus one share in the company, Levin said.

 

The value of the share offering depends on an estimate of the company, which is to be conducted by an appraiser, Levin said. The company is interested in any investor aimed at the long-term strategic development of the company, he added.

 

Under a privatisation list for 2012–16, the government plans to retain a golden share in United Grain Company, a spokesperson for Russian First Deputy Prime Minister Igor Shuvalov said in August. A golden share is a nominal share which is able to outvote all other shares in certain specified circumstances.

 

The United Grain Company is the government's agent for grain purchases aimed at supporting domestic producers and increasing competition.

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