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November 23, 2012 16:46

Govt foreign investments commission will not have to approve increase in stake above 75% - FAS

MOSCOW. Nov 23 (Interfax) - A foreign investor will not need the permission of the Russian government commission for foreign investments to raise its stake above 75% of shares in a company.

These amendments will be made to the law governing foreign investments in strategic economic sectors, head of the Federal Anti-Monopoly Service (FAS) Igor Artemyev told Russian President Vladimir Putin while reporting on preparations of legislative amendments that facilitate foreign investment.

"Companies that have already racked up 75% [of shares] will get the relevant permission (if they buy more shares surpassing 75%) and will also not come to us at the commission. There are quite a few such companies," Artemyev is quoted as saying in a transcript of the meeting published on the FAS official website.

"In the last week, the government has approved amendments that, after they are reviewed at a government session, will go to the State Duma," Artemyev said.

Eb

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

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