Industry News by Nemesis

Russian Federation Ministry of Economic Development Has chosen Russian Investment Banks Only to Handle Privatization of VTB, Bashneft and ALROSA

April 5, 2016

The Ministry of Economic Development of the Russian Federation has selected Russia-based investment banks only to carry out transactions for the sale of state-owned shares in Bashneft, ALROSA and VTB Bank, RIA Novosti was told at the Ministry.

 

The ministry started to select banks to be assigned the task of organizing the privatization transactions for the sale of stakes in Bashneft, ALROSA and VTB in mid-March. Deputy Economic Development Minister Nikolai Podguzov said that applications had been filed by more than 10 banks, including foreign banks.

 

VTB Capital was proposed to handle the privatization of Bashneft; Sberbank CIB was suggested as a stock sale organizer for ALROSA, while Renaissance Broker was earmarked to float the shares of VTB Bank.

 

According to RIA Novosti’s source, the ministry sent the appropriate draft instructions issued by the Russian Federation Government to be agreed with the relevant ministries and agencies and later to be filed to the Government in accordance with the established procedure.

 

"The final decision on selection of legal entities for organizing the sale of federal property being privatized on behalf of the Russian Federation and (or) for carrying out the Seller functions will be taken by the Russian Government and will be made known after the release of instructions by the Government of the Russian Federation," added the source at the ministry.

 

Source: Rough&Polished

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