Govt still planning to cut stake in Uralvagonzavod to 75%+ 1 share
MOSCOW. June 27 (Interfax) - The Russian government is still planning to reduce its stake in Uralvagonzavod (UVZ) to 75% plus one share in 2014-2016, according to a privatization plan for the period, presented by the Economic Development Ministry and approved by the government on June 27.
UVZ chief Oleg Siyenko has said a road map to privatize the multi-sector machine-building group, which produces around 100 types of equipment such as military hardware, road-building vehicles, all-metal gondola railcars, special-purpose railcars and railway tankers, had been drafted and that talks were under way with consultants. He said the ideal investor would be a partner able to bring in new technologies and position the company in the market. But Siyenko said privatization was not a matter of priority for UVZ.
The Russian Federal Property Agency (Rosimuschestvo), which owns 100% of UVZ, has said UVZ had the best privatization road map of all the defense enterprises and that this had been cleared with the Industry and Trade Ministry, Economic Development Ministry and Rosimuschesvto itself.
UVZ's then first deputy general director Vladimir Shmakov said back in October 2011 that UVZ might sell 25% plus one share after 2014, probably in an IPO.
"The funds will be used to expand our capabilities," he said. The company is drafting an investment program and the sale of shares will be one of the means of financing it, Shmakov said.
