Russia's MinFin working on reducing state stakes in some cos to controlling interest, targeting strategic investors - document

MOSCOW. Sept 29 (Interfax) - Russia's Finance Ministry is working out the issue of reducing the government's stakes in the largest state companies to 50% plus one share, a source told Interfax, citing accompanying materials for the budget package.

The document states that companies have been selected that "are of interest to Russian strategic investors with a strong position on the market."

Transactions with companies' shares can be carried out after the president and government make the relevant decisions. If such decisions are made, additional revenues from privatization are possible in 2026-2028, the ministry said.

Furthermore, as regards shares in companies newly transferred to state ownership, including on the basis of court rulings, the ministry plans to determine the most suitable and economically sound ways to manage and dispose of them, including possible privatization, the document said.

Finance Minister Anton Siluanov has put privatization back on the agenda this year and said his ministry believes it is time to discuss the possibility of "big privatization" in Russia. Ministry officials have said there are seven to ten state companies on the privatization list. Candidates include companies in the finance, transport and energy sectors, Siluanov said in June.

Deputy Finance Minister Alexei Moiseyev said earlier that the ministry was planning two secondary public offerings for next year. He said these are traded state companies that are well-known to the market. State home mortgage corporation Dom.RF is supposed to carry out an initial public offering at the end of November.

The Finance Ministry will try to sell assets that have been nationalized by decision of the courts "the sooner the better," Moiseyev said.