9 Jan 2018 10:58

Uralvagonzavod looking for investor, stake of up to 49% may be sold - source

MOSCOW. Jan 9 (Interfax) - Uralvagonzavod (UVZ), Russia's leading manufacturer of armored hardware and heavy machinery, could be partially sold to a private investor over the next couple of years, an informed sourced in the defense industry told Interfax.

"The search for an investor is underway, up to 49% of equity may be sold to the investor," the source said.

He said that the current priority is to find feasible sources to repay UVZ's debt and then resolve the matter of an investor.

Reports surfaced in the media that UVZ could be transferred to Kalashnikov Concern, although both Rostec and Kalashnikov denied this.

Russian Industry and Trade Minister Denis Manturov said that the issue of privatizing Uralvagonzavod is not yet being discussed. "I haven't heard anything yet," Manturov said, responding to a question on Uralvagonzavod's privatization as a tank holding.

"As we have said, we don't have any limitations in attracting private investors for virtually all Rostec holdings. We are gladly awaiting investors," he said. "Not yet, the matter [of privatizing Uralvagonzavod] is not yet being discussed with specific interested parties," Manturov said.