Rusnano woos investors in Davos
Russia’s hi-tech state corporation Rusnano is going to sell around 10% of its stock to private investors. “That’s a very sensitive point on our way from a State corporation into a business like one,” its head Anatoly Chubais, told RT in Davos.
He’s attending the World Economic Forum to talk to investors about the deal which is the first step towards the company’s private placement that could take place by the end of the year. Chubais says a consortium of Merryll Lynch and VTB will be in charge of conducting the placement.Mostly institutional investors would be welcomed to the party, he said.“I think what we need to have is both Russian investors with a good reputation and the famous foreign investors who are able to invest in a high tech company,” Chubias explained.Among other issues discussed with RT in Davos was the way to reverse the capital outflow Russia suffered in 2011. The estimates for 2011 varied from $50bn to about $84bn, up two and a half times from the 2010 figure of $34 bn.The main troubles in Russia are now rather on a political side than on the economic one. “The rule of law, corruption, an independent judicial system, ” are the basic issues that need to be addressed first, Chubais concluded.