27 Jul 2022 10:17

Russian govt sells 8% stake in Micron for 380 mln rubles

MOSCOW. July 27 (Interfax) - Russian Auction House (RAH) held an auction for an 8.09% state stake in Micron Group, the country's largest microelectronics manufacturer and exporter, at the request of the Federal Property Agency, RAH said.

The auction was won by Transit Service Trading House LLC with a bid of 380 million rubles.

Micron's press service refrained from commenting on the fact that it has a new shareholder, other than saying that it is prepared to effectively work with any shareholder.

Transit Service Trading House LLC was founded in May 2022. It is 85% owned by an individual, and 15% by Tenron LLC, an affiliate of Micron owner JSC Element, which in turn is a joint venture between state corporation Rostec and investment group Sistema PJSFC .

Micron is currently the only Russian company that makes chips for bank cards, the need for which has increased since most foreign microelectronics manufacturers have suspended shipments of components for card production to Russia.