Russian President Vladimir Putin signed a decree on the transfer of 92.31% of the shares of the United Aircraft Corporation to the capital of state corporation Rostec.

The relevant decree has been published on the official Internet portal of legal information.

"To accept the proposal of the government of the Russian Federation on the transfer of 92.31% of shares of the public joint-stock company UAC to the capital of Rostec, a state corporation promoting the development, production and export of high-tech industrial products, as a property contribution of the Russian Federation," said in the decree.

The transfer of shares must be completed no later than in one and a half years.

A draft presidential decree on Rostec takeover of the United Aircraft Corporation (UAC) was submitted to the government in March.

Earlier, Russian Industry and Trade Minister Denis Manturov said that UAC’s incorporation into Rostec will contribute to optimization of production processes.

Source:
http://tass.com/economy/1027590