Uralvagonzavod to Get Privatized in 2013

12 September 2011 (09:00)

Russia’s Ministry for Economic Development offered to have the shares of Uralvagonzavod Scientific & Production Corporation privatized in 2013-1014, the Ministry’s Property Relations Director Alexei Uvarov told reporters.

The official explained the enterprise was placed on the privatization list for 2012-2014, but the transaction as such was not likely to occur any earlier than after 2012. Besides, he added, the company will probably go private through an additional share issue.

‘This could be an IPO, since the company might need to obtain some outside funds,’ RIA Novosti quotes Alexei Uvarov as saying.

Uvarov also pointed out that Uralvagonzavod Scientific & Production Corporation was the first business to be offered for privatization by the Ministry for Economic Development.

The share of the Russian Federation in the business is expected to go down to 75% plus one share.

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