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    Homepage » News» 21 april 2014     

    The government approved the purchase of UAC’s share in IFC by VEB
    Russian Aviaton » Monday April 21, 2014 12:02 MSK

    The government of Russia approved the purchase of 48,8% of Ilyushin Finance & Co. (IFC) shares owned by United Aircraft Corporation (UAC) by Vnesheconombank (VEB). The corresponding order was signed by the prime-minister, Dmitry Medvedev, press-service of Russian cabinet of ministers reports.
    «The signed order confirms that the government approved the sale of 130 979 IFC’s registered shares of common stock (48,8%) previously owned by UAC to State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) at a price not lower than their market value defined by an independent appraiser», - said in explanatory notes to the document.

    «The shares of IFC owned by UAC have not been reappraised, their price is equal to their book value (8,753 billion rubles - 66826 rubles per share). Nominal value of the share is 55599 rubles", - said in the notes.

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    In order to optimize the activities and structure of the corporation the Board of Directors of UAC has approved a program for disposal of non-core assets. According to criteria used in the program, IFC’s shares belong to the non-core assets category, said in the document.

    In accordance with the president’s instruction №Pr-1706 signed on July 2nd 2013, UAC and its subsidiaries (Sukhoi Holding Company and Sukhoi Civil Aircraft Company (SCAC)) in cooperation with Vnesheconombank are elaborating a plan for financial recovery of SCAC and financing of SSJ-100 program. In the network of this program the funds obtained from sale of IFC shares may be allocated to SCAC.

    It is also stated in the explanatory notes that the IFC shares owned by UAC should be sold at a price not lower than their market value set by an independent appraiser in accordance with the Federal law “About joint-stock companies”.

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