Putin gives green light for sale of 49.8% stake in TNK

Nov 08, 1999 01:00 AM

The Russian State Property Ministry announced that Prime Minister Vladimir Putin had approved plans for the sale of almost half of all shares in Tyumenneft (TNK).
The 49.8% stake will be auctioned off in a commercial tender, ministry officials said. No date has been set for the sale, and the starting price of the stake has not yet been fixed.
The ministry officials said that the Russian government would set up a special commission soon to determine the asking price for the share package and schedule the auction. They added that the winner of the commercial tender would be required to invest in TNK but did not elaborate.
Company officials have suggested that the government offer the stake to investors for the price of $ 200 million, including investment obligations.
Moscow's last attempt to sell a large package of shares in the company (48.68%) was largely a failure, but TNK managers have said that the firm might buy its own stock this time around. This would allow the company's current owners to consolidate their control over TNK. (At present, a little more than 50% of TNK is owned by Pyotr Aven's Alfa-Group and its affiliates.)

Source: NewsBase
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