The Russian government is going to cut its stake in Sovcomflot, the country's largest shipping company, to 75 percent plus one share from the current 100 percent in 2011, via a 12.5 percent new share issue and the sale of a 12 percent share package, an Economic Development Ministry official said on Thursday.
"The government will lower its stake in Sovcomflot to 75 percent plus one share next year. The state holding will be cut using a combined scheme: a new share issue to sell 12.5 percent of shares in an IPO and another 12 percent will be sold with sale proceeds channeled into the budget," said Alexei Uvarov, director of the ministry's property relations department.
He did not specify the exact timeframe for the privatization, adding that it would depend on the market situation.
MOSCOW, November 11 (RIA Novosti)