State Fishing Corporation to be launched in 2008

The State Corporation (Rosrybflot is its working name), which is being established under the initiative of the recently reborn State Fisheries Committee, can take off in 2008, according to the committee's head Andrey Krainy as quoted by Interfax.

The State Corporation will have audited IFRS accounts (International Financial Reporting Standards). According to Andrey Krainy, a pack of the corporation's shares will probably be sold on the open market. Now the project's organizers discuss variants of selling from 25% to 49% of the corporation's shares to private investors. Andrey Krainy says that they should start from selling a blocking pack of shares and later when the company's capitalization increases another 24% can be sold. At the same, Krainy has made it a point that the state should certainly have the gold share in order to secure additional guarantees when selling such a big pack of shares, Andrey Krainy noted.

A detailed article about the corporation was published in the November issue of the Russian Fish Report.