AFK Sistema will bid for state assets as Russia seeks to raise 1.16 trillion rubles ($38 billion) in the next three years.
"We are interested in a whole list of assets in the sale program," chief executive Mikhail Shamolin said Wednesday. Sistema is looking to buy at least 25 percent stakes in midsized companies to gain access to management, he said without naming the firms.
President Dmitry Medvedev ordered the government to speed up the program, under which stakes in some of Russia's biggest companies may be sold by 2017, as he seeks to modernize the economy. The government may offer stakes in Russia's largest crude producer, Rosneft, and second-largest lender, VTB Group, Alexei Uvarov, director of the Economic Development Ministry's property department, said Sept. 9.
Sistema may borrow to expand, Shamolin said. The company does not rule out selling an asset from its core business unit, which includes Mobile TeleSystems and Bashneft, he said.
"If we launch projects requiring major investment and are sure they will bring better yields than our current projects, we may consider selling one of our core assets," he said.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
