RDIF and Middle Eastern, Asian sovereign wealth funds become anchor investors in Sovcomflot IPO
MOSCOW. Oct 7 (Interfax) - The Russian Direct Investment Fund (RDIF) and its partners from among Middle Eastern and Asian sovereign wealth funds have become anchor investors in the initial public offering of Russian shipping company Sovcomflot, the RDIF said in a press release.
The fund did not disclose the amount of investment, but said the participation of the RDIF and its partners supported the success of the IPO.
"RDIF plans to continue attracting partners among the world's leading sovereign and investment funds to participate in privatization programs in the Russian Federation in the future," RDIF CEO Kirill Dmitriev said.
"The privatization of Sovcomflot will enable the company to actively expand in the key areas of sea energy transportation and seismic exploration. It will also help serve existing Russian and international energy projects more efficiently and participate in the development of new routes, including through the Northern Sea Route and the Arctic zone of the Russian Federation," Dmitriev said.
The IPO will also "have a positive synergy for the Russian shipbuilding industry, as Sovcomflot is one of the largest civil shipbuilding customers" in Russia, he said.