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Sovcomflot to raise more than USD 500 million on the Moscow stock exchange

Russia's Sovcomflot aims to raise more than USD 500 million on the stock exchange in Moscow. This will be done by selling upwards of 17 percent of the shares in the state-owned shipping company, reports Reuters.

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State-controlled Russian tanker operator Sovcomflot plans to raise upwards of USD 534 million in a private share issuing on the stock exchange in Moscow, reports Reuters.

According to the news agency, Sovcomsflot announced on Monday that the shipping company intends to sell 15.5 to 17 percent of its shares to select investors in an IPO.

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