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Russia's UCP fund says has sold bulk of Transneft preferred shares
March 31, 2017 / 12:53 PM / 6 months ago

Russia's UCP fund says has sold bulk of Transneft preferred shares

MOSCOW, March 31 (Reuters) - Russia’s United Capital Partners (UCP) fund said on Friday it had sold a significant number of preferred shares in oil pipeline monopoly Transneft to a group of financial investors.

The fund did not reveal any further details. According to Moscow Stock Exchange data from March 27, 1,104,139 of Transneft’s preferred shares were sold on that day in over-the-counter deals for more than 169 billion roubles ($3 billion).

Transneft has said that as of Jan. 20 2016, UCP owned more than 1.104 million - or more than 70 percent - of its preferred shares.

Transneft stock is widely held by emerging-markets and Russia-dedicated funds. Its preferred shares, issued as part of a privatisation in 1995-1996, account for 22 percent of its equity.

$1 = 56.4160 roubles Reporting By Vladimir Soldatkin; Editing by Jack Stubbs

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