Rostec to sell 12% in Russian Helicopters to investors consortium - CEO Chemezov
Russian state-owned corporation Rostec signed an agreement on sale of a 12% stake in Russian Helicopters holding to the consortium of the Russian Direct Investment Fund (RDIF) and Arab investors, with 100% shares of the holding valued at $2.35 bln, Chief Executive Officer of Rostec Sergey Chemezov told reporters on Monday.
"We had a resolution of the management board and the supervisory board, authorizing to sell up to 25% of shares. We held talks with a pool of investors - Arab [investors] together with the RDIF. We had a certain number of investors and it declined later. It does not mean we halted [the process of divesting 25% in Russian Helicopters - TASS]; we simply decided not to wait for others and sign for 12% so far. According to the estimate, the price of 100% stake is $2.35 bln," Chemezov said.
According to the RDIF, investments of the Middle East partners will help Russian Helicopters to broaden operations in this region.
"Investments of the consortium led by the RDIF will enable the holding to proceed with the expansion on new markets; in particular, investments of our Middle East partners will contribute to broadening of Russian Helicopters’ activities in this region. Russian Helicopters have a significant upside potential and carry attractive investment opportunities for our partners and us," the RDIF said.