OREANDA-NEWS. September 04, 2012.  Russia's largest grain trader United Grain Company (UGC) has completed the placement of an additional share issue, which was assigned to a subsidiary of Ziyavudin Magomedov's Summa Group, RBC reports citing the UGC statement.

UGC placed 3.51m shares with a par value of RUB 1,000 (approx. USD 30.85) by private subscription at RUB 1,693 (approx. USD 52.22) per share. By floating this additional issue the company raised RUB 5.95bn (approx. USD 183.53m).

Summa won a tender to become UGC's strategic partner in May 2012, and now holds a 50% minus one share in the grain trader. According to earlier reports, Prime Minister Dmitry Medvedev signed a resolution on the privatization of the state-owned stake in UGC on June 20, 2012. Under this resolution, the government is expected to divest a 49% stake in the company.