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Transneft Investors Seek Sale

Transneft shareholders wrote to Prime Minister Vladimir Putin asking him to sell 25 percent of the oil pipeline monopoly’s common stock, according to a letter e-mailed Thursday by investor Prosperity Capital.

Prosperity and East Capital, Russia’s two largest portfolio fund managers, and Vostok Nafta, a commodity investment manager, said the government may raise 150 billion rubles ($4.9 billion) selling the stake, according to the letter dated Aug. 6.

The three hold 21 percent of Transneft’s preferred shares. The state owns all the common stock, with voting rights.

(Bloomberg)


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