Denis Pasler, Chairman of the Government of Sverdlovsk Region, signed the decree on allocation of funs in the amount of 300 millions of rubles to acquire an additional issue of shares of JSC "Special economic zone “Titanium valley”. The yesterdays’ agenda of the Sverdlovsk Government session covered the issue on allocation of funds for SEZ project.
The project will obtained funds from the region budget by placing additional issue of shares that will be then reacquired by the Government of Sverdlovsk region. Therefore, the Government of Sverdlovsk region will hold 66 % of shares of SEZ “Titanium Valley”. The decision on reacquisition of shares was taken by the Legislative Assembly of Sverdlovsk region on 26 June 2012. On 22 August, Federal Service for Financial Markets registered additional issue of shares for SEZ “Titanium Valley” on the amount of 300 millions of rubles based on private placement.
The proceeds received from share sale will be directed to complete the design works referring 1 phase of SEZ and preparation of infrastructure facilities of the site of the “first residents”.
After publishing the decree of the government on fund allocation in “Region Newspaper”, a share purchase agreement will be signed between Ministry on State Propriety Management and JSC "Special economic zone “Titanium valley” based on which the money will be transferred.