Dmitry Medvedev, the President of Russia, has signed the list of state assets that will go under control of the state Rostekhnologii (RT) corporation. The document is the outcome of many months-long work and scheming done by Sergei Chemezov, RT's head. As a result, the corporation from now on will control the state's shares in 246 companies across the nation. RT is planning to unite the businesses into about 30 holdings
The cost of all assets RT has been given control of is not yet known, as many federal companies are still awaiting to become joint stock businesses. But it is clear even now that RT is going to be one of Russia's most high-priced companies.
It is also clear, from the list of businesses RT owns, that it's management is most interested in machine building industry. Another field of interest for the giant corporation is air transportation, and this interest has received support from the President, despite objections from the ministries of Economic Development and Finance. Medvedev's degree makes RT the owner of Rossiya Airlines, the country's largest carrier.
At the same time, RT was not given the state-owned blocking stock in S7 (Siberian Airlines), another popular carrier. Chemezov said the asset was "problematic" and that is why the corporation had declined to have it.
RT was also given control of the 37.8 % share in KamAZ, a giant truck plant in Tatarstan. Last week, Mr. Chemezov was elected KamAZ' Head of Board.
Some international assets owned by Russia have also been listed in Medvedev's decree, such as the metallurgical Erdenet and Mongolrjstsvetmet, although Economic development ministry was against the move. Rt will also control Stroitelnye Tekhnologii corporation, uniting state construction and developing companies.
It is expected that RT will soon rtart corporalization of the state-owned businesses it has been given control of. Then, the companies will be united in about 30 larger holdings, with their shares later to be offered in the stock marked
Alexander Popov, Vadim Ponomarev
Sergei Chemezov
Photo: ITAR-TASS
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