This directive was prepared by the Ministry of Transport in accordance with the December 2012 instructions to compile a document on financing the creation of a ground technical facility (gateway) for the INMARSAT global mobile satellite communications system in Russia to ensure the effective operation of sea, internal water, railway and air transport.
Federal State Unitary Enterprise Morsviazsputnik has drafted the required proposals. However, no allocations will be made from the federal budget for their implementation.
One of the possible ways to finance the project is through Morsviazsputnik’s revenue from selling its stake in INMARSAT PLC. The market value of the stake was 2.124 billion roubles as of 11 December 2013.
Government Directive No 61-r approves the proposed sale of the 5,265,188 Inmarsat common shares held by Morsviazsputnik on the London Stock Exchange at the market price on the date of sale.
The Inmarsat shares are to be sold via a special agent licensed to operate as a broker/dealer on the London Stock Exchange.
The revenue from the sale of the Inmarsat shares will be used to finance the creation of a gateway (to be completed by 31 December 2015) for providing Inmarsat satellite communication services in Russia.
