Shuvalov against legislative share placement restrictions
SINGAPORE. Sept 25 (Interfax) - It is not a good idea to have legislation making Russian companies place shares on the domestic market, Russian First Deputy Prime Minister Igor Shuvalov reckons.
"We do not need any legislative restrictions or decisions for this. This is a completely natural process, we do not have to enforce anything here, if we set quotas or limits it will only make things worse," Shuvalov said on the sidelines of the Russian-Singaporean business forum on Tuesday.
Earlier, at a meeting between Prime Minister Dmitry Medvedev and business representatives, the head of the Russian Direct Investment Fund Kirill Dmitriev proposed that Russian companies carrying out IPOs abroad should be made to carry out SPOs in Russia.
As an example of the successful development of the Russian exchange without additional legislative restrictions, Shuvalov spoke about the privatization of Sberbank shares, part of which were voluntarily placed on the Moscow exchange.
Sberbank placed 97% of the stake abroad and 3% on the Moscow MICEX-RTS Exchange.