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Russia's Russneft shareholder to offer 20 pct of ordinary shares in IPO in 2016

Reuters - UK Focus

MOSCOW, Nov 14 (Reuters) - Russia's tycoon Mikhail Gutseriyev and his family are planning to sell up to 20 percent of ordinary shares in a mid-sized oil company Russneft in an initial public offering (IPO) by the end of 2016, Russneft said in a statement on Monday.

The share that Gutseriyev and his family, who own the controlling stake in Russneft, are planning to sell on the Moscow Exchange account for 15 percent of Russneft share capital.

The Gutseriyev's family controls 75 percent of Russneft share capital, or 67 percent of all ordinary shares, while the rest belongs to commodities trader Glencore (Xetra: A1JAGV - news) . (Reporting by Katya Golubkova; Editing by Andrey Ostroukh)