Russian government to sell stake in LUKoil through NYSE

Jul 04, 2000 02:00 AM

Russia's State Property Minister Farit Gazizullin announced that the government planned to put part of its stake in LUKoil, the country's largest oil company, up for sale on the New York Stock Exchange (NYSE) soon.
Moscow plans to sell a 4.5% stake in LUKoil by floating American Depository Shares (ADSs) on the NYSE, Gazizullin said. The securities will be placed in late August, after the big Western banks wrap up their summer holidays, he said. The minister noted that the sale would bring the government's stake in LUKoil down to about 10.5%. Once the ADS sales are completed, he added, Moscow will not be in a hurry to put more LUKoil equity on the market. The government sees no need to sell its share in the company quickly, he said.

Source: NewsBase
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