OREANDA-NEWS. On August 24, 2007 the Government has given its 49% stake in “Progress” Plant OJSC (Protvino, Moscow region) to Atomenergoprom OJSC, reports a source from the company, reported the press-centre of Atomenergoprom.

Progress was set up in 1966 by the Ministry of Medium Machine Building of the USSR as a branch of the Moscow Plant of Non-Standard Equipment. The company designs, produces and supplies low-voltage electric equipment for the nuclear power industry and the fuel and energy complex. 65% of its production is exported.

SPARK reports that the key consumers of the company’s products are Technopromexport OJSC (40%), Mosenergo OJSC (15%) and Rosenergoatom (20%). In 2006 the net profit of the company made up 31,46mln RUR, the income – 354.5mln RUR.

Atomenergoprom holding has already received 100% government stakes in Techsnabexport OJSC (export of nuclear materials), Atomredmetzoloto OJSC (uranium mining in Russia and abroad) and 10 more Rosatom companies.

At the first stage, Atomenergoprom will receive the state-owned shares of 31 nuclear open joint stock companies. Its capital will make up 3,4bln RUR and will be divided into 3,400,000 ordinary shares 1,000 RUR each. All of them will be owned by the state.

At the second stage, Atomenergoprom will receive the government stakes of 55 federal state unitary enterprises that will be reorganized into open joint stock companies by 2008 (including Rosenergoatom). For this purpose, Atomenergoprom will issue additional shares.