Bashkiria may get a 25 percent stake plus one share in Bashneft - forecast

UFA, 12 March 2015. /Bashinform News Agency, Elvira Latypova/. The stake of Bashkortostan Republic in JSOC Bashneft may amount to 25 percent plus one share. This was reported by the board members of the company elected on March 11 following the results of the meeting of shareholders.

“After a transaction with treasury shares to be held in the near future, the total stake of the Russian Federation will be just over 75 percent of the total share capital and about 85 percent of ordinary shares. It is expected that out of this 75 percent, 25 percent plus one share will be kept by the republic and just over 50 percent held by the Russian Federation”, the First Deputy Energy Minister of Russia Alexey Teksler said.

Rustem Mardanov specified that the issue of the republic’s stake in Bashneft will be solved "within a month" - in March-April.

Experts consider that as a result of changes in the ownership structure the revenues of the Republic of Bashkortostan from Bashneft’s activity will increase significantly.

Alexey Teksler noted that at least 25 percent of net profit is directed for payment of dividends, but shareholders may decide to increase this figure.

In addition to tax revenues and dividends, according to Alexey Teksler and "the amount of other support" will increase.