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Russian gas monopoly sells off 10.74% of its stock for 203.5 billion rubles

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MOSCOW, June 16 (RIA Novosti) - The Board of Directors of the concern Gazprom, Russia's gas monopoly, approved prospective sale of a 10.74% block of shares to the government company, Rosneftegaz, for 203.5 billion rubles, or slightly more than $7 billion.

"The Board of Directors has coordinated the alienation of 2,542,500,000 shares of the open-end joint-stock company Gazprom, which amount to 10.7399% of the authorized capital thereof, by its affiliates-the closed-end joint-stock company AB Gazprombank, GazpromInvest Holding Ltd., the research-cum-production fund Gazfond, and the joint-stock company Gazpromfinance B.V.-in favor of the open-end joint-stock company Rosneftegaz for 203,501,700,000 rubles," Gazprom said in a press release that reached RIA Novosti today.

The gas concern intends to channel a part of the revenues to gasifying Russian regions, a source close to the Gazprom Directors' Board said to RIA Novosti.

The initial stage of the transaction saw the Rosneft stock fully privatized through pooling in with the Rosneftegaz authorized capital. The Rosimuschestvo, or Federal Property Management Agency, passed the Rosneft shares into the Rosneftegaz authorized capital at their market price of 734.2 billion rubles, as the Agency announced, June 7. (R28.6/$1 is the Central Bank of Russia rate for today.)

Following that, Rosneftegaz will purchase Gazprom and its affiliates' shares at their market price in an amount sufficient for the government to obtain control stock. Rosneftegaz intends to draw money from the world's leading financial institutions to purchase the Gazprom block.

As German Gref, Economic Development and Trade Minister, said to the media, last Tuesday, prospects are under consideration to draw a loan through mortgaging a particular block, which may either be within Rosneftegaz or isolated in a company.

Final arrangements for money drawing have not been determined as yet, and negotiations with banks are underway, the minister went on. The government is not expected to offer whatever special guarantees of the prospective credit to purchase Gazprom stock, he said.

According to Economic Development and Trade Ministry blueprints, the initial stage, which implies an increase of the government share of Gazprom to a control block, is scheduled to finish, June 24, the day on which Gazprom appointed its shareholders' general meeting.

The second transaction stage envisages a part of Rosneft stock floated in the open market to collect sums necessary to pay available debts and enhance company capitalization.

Rosneftegaz will be liquidated as soon as the shares are placed to make the government direct holder of Gazprom and Rosneft control blocks.

Gazprom has more than 460,000 shareholders. The government is the biggest holder, with a 38.37% block. Resident juridical persons possess 36.81% of the stock, nonresident 11.5%, and resident private persons 13.32%.

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