LONDON, April 23 (RIA Novosti) - Technopromexport, a state-controlled power engineering construction company, said Monday it intends to sell 25% of its stock and raise about $600 million in a share offering.
Technopromexport, which builds power facilities, including hydraulic, thermal, geothermal, diesel power plants, power transmission lines and sub-plants in 50 countries, was included on the list of state companies to be privatized in 2008.
The company is expected to be privatized through an initial public offering (IPO) to raise funds for its development.
"We plan to place 25% of the shares. We need the funds to implement two projects worth $300 million each," Technopromexport head Sergei Molozhavy said.
Molozhavy said the company's IPO could be held before the end of 2008.
By late 2007, the government is to issue a relevant resolution and value the company's worth, he said.
