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Interfax.com  |  Interfax news  |  Sovereign funds shouldn't be main investors in...


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November 14, 2012 09:39

Sovereign funds shouldn't be main investors in RZD privatization - Shuvalov

MOSCOW. Nov 14 (Interfax) - Sovereign wealth funds should not be the main investors in the privatization of state assets, First Deputy Prime Minister Igor Shuvalov believes.

Last week, Deputy Transport Minister Alexei Tsydenov said that a 5% stake in Russian Railways (RZD) (RTS: RZHD), the privatization of which in 2013 was recently discussed at a cabinet meeting, could be bought by state-owned Vnesheconombank (VEB) or one of Russia's wealth funds.

Commenting on this proposal, Shuvalov said that "the issue needs to be decided [depending] on the stake that will be offered."

"In general, whether wealth funds can buy stakes in privatization - discussions are underway on this issue. I already expressed my position during the St. Petersburg Forum. But you can't say it like this: to have [the funds] buy the 5% [of RZD]. This is only in the case where you see the whole deal, you have a quality investor, you are achieving good results, and in this case, if it is a good privatization, the wealth funds decide to invest because this is good for future generations. Not the other way around, so that it looks like a good privatization only because the wealth funds are buying shares in the company being privatized," Shuvalov told reporters on Tuesday on the sidelines of a Bankers' Day organized by Itogi magazine.

"This process should be managed by professional financiers and specialists. A decision can be made when they see that this is an excellent investment for future generations and the value of the asset will grow in price," Shuvalov said.

At the St. Petersburg International Economic Forum in June, Shuvalov said he believes it is possible to invest a tenth of the resources of the National Wealth Fund in state companies that are being privatized. This idea was supported by a number of investment banks among those advising Russia on privatization, but received a cold reception at the Finance Ministry, which will oversee the future Russian Finance Agency that will manage the NWF and Reserve Fund.

Vp of

(Our editorial staff can be reached at eng.editors@interfax.ru)

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February 09, 2016
 
20:30
Russian Foreign Ministry expresses concern to S. Korean ambassador over Seoul's decision to start THAAD talks with U.S
 
20:17
RUSSIAN DEPUTY FOREIGN MINISTER MORGULOV EXPRESSES CONCERN TO S. KOREAN AMBASSADOR OVER REPORTS OF SEOUL'S DECISION TO START TALKS WITH U.S. OVER THAAD DEPLOYMENT - RUSSIAN FOREIGN MINISTRY
 
20:15
S&P withdraws rating of Intercommerz Bank
 
20:10
Euro 5 gasoline excise may rise to 10,130 rubles/t from Apr 1; diesel - to 5,293 rubles - source
 
20:10
Georgian PM to hold negotiations with European Commission, European Council presidents in Brussels
 
20:08
 
20:07
JCCC's Russian officers had only work-related literature - Basurin
 
20:06
Red Cross may join search for people missing in Donbas
 
20:02
Ruble again down against dollar, euro on falling oil
 
19:55
MINFIN ESTIMATES ADDITIONAL REVENUE FROM FUEL EXCISE INCREASE AT 89.3 BLN RUBLES IN 2016 - SOURCE
 
19:54
EXCISE ON DIESEL FUEL MAY INCREASE TO 5,293 RUBLE/T FROM APRIL 1 - SOURCE
 
19:54
EXCISE TAX ON EURO 5 GASOLINE MAY RISE TO 10,130 RUBLES PER TONNE FROM APRIL; LOWER GRADE - TO 13,100 RUBLES/T - SOURCE
 
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