Property Ministry To Sell 39% And 1% In Russia's Oldest Insurance Company

The Russian Property Ministry introduced changes to the plan of privatization of Rosgosstrakh, the successor of the oldest and largest Russian insurance company Gosstrakh. The ministry is going to sell 1% in Rosgosstrakh at an auction straight after the sale of a 39% block. The latter auction will be conducted in the next two or three days, a source in the Property Ministry reported to RBC. The sale of exactly 1% in Rosgosstrakh is connected with some limitations in Russian legislation and the protection of minority shareholders. In addition, the interest of potential buyers in this 1% block will increase its price and, correspondingly, sales revenues of the state.