Russia transfers state-owned stake in Marine Instrumentation Corp to USC

ST. PETERSBURG. July 8 (Interfax) - The Federal Property Agency (Rosimushchestvo) has transferred 100% minus one share of JSC Marine Instrumentation Corporation (MIC) as a contribution to the charter capital of United Shipbuilding Corporation (USC), the agency's press service said.

In addition, Rosimushchestvo transferred one MIC share to USC under trust management.

As reported, President Vladimir Putin signed a decree on December 9, 2024, ordering the transfer of 100% minus one share of the federally-owned Marine Instrumentation Corporation to USC. The government was instructed to complete the transfer of MIC shares to USC's charter capital within six months. In January this year, the government tasked Rosimushchestvo and the Industry and Trade Ministry with completing all necessary procedures within five months.

The market value of the state-owned 100% minus one share package of the St. Petersburg-based MIC is estimated at 60.949 billion rubles.

JSC Marine Instrumentation Corporation was established as per Russian presidential decree in April 2020. MIC included the Moscow-based JSC Concern MorInformSystem-Agat enterprise, as well as Saint Petersburg-based JSC Aurora R&D Concern, JSC Okeanpribor Concern and JSC Elektropribor Central R&D Institute Concern.