Ministry of Industry and Trade and Federal Property Management Agency to ensure signing of the agreement
The Federal Property Management Agency and the Ministry of Industry and Trade of the Russian Federation are to ensure the sale of 65.5% of CDB Iceberg’s shares owned by Krylov State research Center within four months under RF Government Decree dated 13 May 2020 (No 1259-р) published at the official portal for legal information.
The agreement on the sale of CDB Iceberg’s 34,523 ordinary shares and 12,495 preferred shares has been signed by FSUE Krylov State Research Center (Saint-Petersburg) and Modern Shipbuilding Technologies JSC (Moscow).
Krylov State research Center sells the shares to Modern Shipbuilding Technologies at the price not below market according to the independent valuer's report.
Russian President Vladimir Putin signed an Executive Order on the sale of 65.49% of CDB Iceberg’s shares owned by FSUE Krylov State Research Center to Modern Shipbuilding Technologies (a company headquartered in Moscow) in April 2020.
According to the statement, the decision is targeted at the development of shipbuilding, enhancing the efficiency of Russia’s continental shelf development in the Far East and the Arctic and support of the Northern Sea Route (NSR).
In early September 2019, Russia’s federal portal for legal information published a draft executive order of RF President developed by the Ministry of Industry and Trade “On creation of a unified cluster for the development of Arctic shipbuilding”. According to the explanatory note, the draft document was aimed at integration of Zvezda Shipbuilding Complex and Iceberg Design Bureau under the auspices of Modern Shipbuilding Technologies (MST JSC) as well as at creation of a unified cluster of Arctic shipbuilding.
The draft decree provided for the sale of 65.49% of CDB Iceberg’s authorised capital held by FSUE Krylov State Research Center (34,523 ordinary shares held under economic management of KSRC and 12,495 preferred shares) to MST.
Established in 1947, Iceberg Design Bureau is a general designer of all nuclear-powered icebreakers. It designed special communication ships for the Defence Ministry of USSR (Project 1941, Ural, with nuclear propulsion and Project 1826) and Russia (Project 18280 – Yury Ivanov and Ivan Khurs).
Related link:
Russian President signed Executive Order on sale of 65% of CDB Iceberg’s shares to Modern Shipbuilding Technologies >>>>
Ministry of Industry and Trade drafted Presidential Decree on Integration of Zvezda and Iceberg into Modern Shipbuilding Technologies JSC >>>>