Siluanov: privatization of state companies possible for investment purposes, not to top up budget

Privatization is possible for investment purposes and to improve management at state companies, not to top up budget revenue, said Anton Siluanov, the Minister of Finance.

" We have a lot of companies that are still fully controlled by the state. There are various points of view, but I think that if we were to lower the state's share it would not be to raise money for the budget but to bring in private managers, to enhance control of those companies and to raise funds to invest in those companies. That would be great", - Siluanov said during VTB Capital's "RUSSIA CALLING!" investment forum.

"The budget really doesn't contain much in the way of privatization revenue - around 3 billion rubles, nothing really. But that doesn't stop us from saying during that period that we might reach decisions to sell some state stakes in order to improve governance at companies, improve the management of state companies, raise additional money for new tasks at these companies ", - said the minister.

The long-awaited IPO by Sovcomflot (MOEX: FLOT) took place this year, with the 100% state-owned shipping company raising 43 billion rubles with the sale of shares on the Moscow Exchange (MOEX: MOEX). The company itself received all the proceeds and the state's stake fell to 82.8%.