OREANDA-NEWS. The Sovcomflot Board of Directors considered procedural questions related to the implementation of the Presidential Decree dated 20 June 2007 “On JSC Sovcomflot” and the Resolution of the Government dated 20 July 2007, stipulating for the consolidation of the State’s shareholding in Sovcomflot and Novoship.

The Board of Directors noted the information of the Federal Agency for the Management of the Federal Property (Rosimuschestvo) regarding the market value estimation of shares of Sovcomflot and Novoship, carried out by the Russian rating organization “2K Audit – Business Consulting” and the international investment bank Morgan Stanley. The Board of Directors decided to execute appropriate corporate actions, stipulated by the Law of the Russian Federation, with due reference to the valuation performed.

The Sovcomflot Chairman Igor Shuvalov said that “the Board of Directors confirms that all the procedures of the implementation of the Presidential Decree are being carried out in accordance with the schedule and provide for the completion of the project in 2007”.