16 Aug 2010 15:15

Russian govt introduces gold share for NCSP and Murmansk Commercial Seaport

MOSCOW. Aug 16 (Interfax) - The Russian government has exercised its special right for its involvement in the management of OJSC Novorossiisk Commercial Seaport and OJSC Murmansk Commercial Seaport (MCSP). Prime Minister Vladimir Putin signed the necessary order for this on August 12.

NCSP (20% of shares) and MSCP (25.49%) have been included in the privatization plan for 2010.

A golden share for the state provides it with special rights in comparison with other shareholders. For instance, the state can block a decision from a managing body for up to half a year.

The initiative to introduce a golden share for strategic port was put forward by the Economic Development Ministry. According to the ministry, this approach is suitable after the state sells its stake in the ports.