Russia Plans IPO of Largest Oil Shipper

The Russian Government has announced plans to sell controlling share of the country’s largest shipping company, Sovcomflot, in a public offering, provided it receives a suitable offer says Deputy Prime Minister Igor Shuvalov.  Half of the money from the IPO will go to Sovcomflot, which specializes in petroleum and LNG shipping, for maintenance and further development of its 156 vessel fleet.  Shuvalov stressed the government didn’t set any deadline for Sovcomflot’s initial offering. The stock will be listed as market conditions become suitable, with a two stage plan anticipated. “At first we plan to sell 25% minus one share stock, then 25% plus one share stock. I hope the deals would follow each other,” Shuvalov explained.
http://rt.com/business/news/russia-sovcomflot-privatization-plan-920/