PM comments on sale of state stake in LUKoil

The sale of 5.9 percent in LUKoil on the London Stock Exchange will bring $770m to $775m to the financial reserve of the country, Russian Prime Minister Mikhail Kasyanov stated at the opening of today's meeting of the Cabinet. He pointed out that the placement of ADRs had taken place at the beginning of this week; as of today, the deal was completed. Kasyanov stressed that the sale of the stake was "very successful".

It is worth mentioning that Russia placed $775m in LUKoil's ADRs deposited for 5.9 percent of the company's shares held by the state, on the London Stock Exchange. The government put 12.5 million ADRs for sale, each including four common shares.

The offer of the securities was made on behalf of the Project Privatization Company, a subsidiary of the Russian Federal Property Fund. The Board of Directors of the Project Privatization Company approved this deal after the collection of investors' bids for purchasing these shares had been completed in London on December 3.

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