11 Dec 2009 18:06

Rosgosstrakh to place around 5 bln rubles in bonds

MOSCOW. Dec 11 (Interfax) - Rosgosstrakh plans to place an issue of ruble-based bonds in the first half of 2010, the head of the company, Danil Khachaturov, told journalists on Friday.

He said that the size of the issue was still being decided. "It will mostly likely be around 5 billion rubles," he said.

Khachaturov added the company would use funds from the shares for privatization efforts.

He added that the company had been exempt from the list of strategic enterprises. The state share packet, which currently comes to 13.1%, will be put up from trade next year. "We are ready to participate in the purchase of this packet if the offered price is sensible," he said.

Khachaturov did not rule out the possibility of deciding against acquiring a state packet up for trade if it is overvalued. He also said that this packet could be acquired by outside investors.

"In any case, for such an investor it will be important firstly to consult with us in order to clarify how the company would be developed. If it is clear to him that we do not plan to pay dividends and put funds into the company's development over five to seven years, then this will likely be important for a contender," he stressed.

He said that the issue of Rosgosstrakh's shares would be finished by January.