Rostec chief: no plans for IPOs at holding companies; talks with strategic investors underway
KAZAN. May 29 (Interfax) - Rostec is continuing work to bring investors into the group's holding companies, Rostec CEO Sergei Chemezov told journalists at a conference on information technologies in the service of the defense sector.
"We are continuing work to bring in investors, private sector and foreign investors included," Chemezov said. "Today it is my belief that we do not need placements on one or another exchange; the money can be raised from strategic partners," he said.
Half of the Rostec's holding companies are ready to sell share stakes to such partners, he said. "We are in talks with foreign partners among others, various funds," he said.
In February, Chemezov had said Rostec's biggest holdings were ready to conduct IPOs, but that would not be possible any time soon due to the economic situation. "Such holding companies as VSMPO-Avisma , Russian Helicopters , Shvabe, KRET (Concern Radioelectronic Technologies) are ready to hold IPOs, but the current economic situation is not conducive to that," he said at the time.
Chemezov also said at the time that the companies that do not hold IPOs would find investors ready to take major stakes.
