MOSCOW, Russia (Reuters) – The Russian government will sell about 49 percent of the country’s main state grain trader, according to an order signed by president Dmitry Medvedev and published in the government gazetteRossiiskaya Gazeta.
It orders the government to organize an additional issue of shares in the trader, the United Grain Co., within six months, ensuring that the state retains a controlling stake of 50 percent plus one share.
The order gives no more details about the share issue. Viktor Krupenin, UGC spokesperson, said it was up to the government to deter-m ine how the shares would be placed.
“We do not know precisely what will be the final mechanism, but it is likely that there would be no initial public offering,” Krupenin said in an e-mailed statement.
“It looks like the talk is about a closed subscription for investors to be selected and recommended by independent advisers. We cannot yet say if foreign investors or an investor will participate.”
