RUSNANO to Sell 10% of its Shares

Russian state-owned corporation Rusnano plans to sell 10% of its shares by the end of 2012 in order to raise cash to fund hi-tech projects. Rusnano was set up as a state corporation in 2007 to develop innovative infrastructure in Russia. In March 2011, it was turned into an open joint-stock company with 100% shares owned by the Russian government.  The plan to sell 10% shares was first announced in 2011 by Rusnano CEO Anatoly Chubais, who has suggested that this is just the beginning of a plan to privatize up to 40% of the company. In 2011, Rusnano expected its project companies would generate more than $10 billion by 2015. With these figures in mind, Russian analysts predicted that 10% of Rusnano would cost at least $1 billion by 2013.  However, in 2011, Rusnano suffered $2.9 billion of net loss under Russian Accounting Standards, and with its investment portfolio reduced, the cost of the 10% is likely to be recalculated.

http://rt.com/business/news/russias-hi-tech-looks-cash-369/