Tatarstan government to receive nearly 12% of shares in M. Gorky Zelenodolsk Shipyard
Russian President Vladimir Putin on August 24 signed a Decree (No. 497) on the transfer of 75% (- 1 share) of shares in Zelenodolsk naval architecture and marine engineering firm (Zelenodolsk Design Bureau) and 11.902% of shares in Zelenodolsk Shipyard named after Maxim Gorky (part of AK BARS Group) to the Republic of Tatarstan government. The document is available on the official legal information website.
The shares shall be transferred to the Republic of Tatarstan subject to the following conditions: a) the retention of shares in the aforementioned joint-stock companies in the ownership of the Republic of Tatarstan within five years from the date of transfer; b) the decision to hand over the of shares in these joint-stock companies after the five-year period should be taken only upon consultation with the Government of the Russian Federation; c) the preservation of the enterprises core business activities; d) attraction up to 2023 of investments, including private investors' funds, in the companies development, including modernization of production capacities: in Zelenodolsk Design Bureau JSC in the amount of at least 150 million rubles and in Gorky Zelenodolsk Shipyard in the amount of at least 300 million rubles.
By the same decree, the Russian Federation will contibute to the authorized shares capital of United Shipbuilding Corporation (USC) 6,0957% of federally owned shares, plus one share of Zelenodolsk Design Bureau (Republic of Tatarstan) as payment for the placed by USC additional shares in connection with the increase of its share capital.