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Zarechny Protsenko production union “Start” to be reorganized into joint stock company

15:27 | 11.03.2016 | Economy

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Penza, 11 March 2016. PenzaNews. The Protsenko production union “Start” located in Zarechny of the Penza region, currently a federal state unitary enterprise, will be reorganized into a joint stock company in accordance with the decision by the top management of Rosatom.

Zarechny Protsenko production union “Start” to be reorganized into joint stock company

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“Currently, we have an enterprise reorganization roadmap that sees the JSC transformation process completed in 2018. The production enterprise is ready for the process: all property, land and non-material assets have been registered with relevant documents of entitlement,” says the press release by the enterprise received by PenzaNews on Friday, March 11.

According to it, the JSC transformation originally began in 2013-2014; however, the process had been suspended for 2 years, and re-launched recently.

“The first step in the transformation into a JSC will be the removal of the production union ‘Start’ from the list of enterprises excluded from privatization. The necessary documents – a decree of the Russian president and a decree of the Russian government to include ‘Start’ in the JSC transformation list – are already being prepared on the federal level. Their signing will begin the full-scale process as per the roadmap. The aforementioned documents are likely to be signed by the end of this year. By that time, we will complete all preparations, including prelimiary stock-taking of enteprise property and its condition, as well as our current obligations,” the press release clarifies.

It places particular emphasis on the fact that the production union “Start” will see no radical changes in its activities, as the Russian Federation will be the sole shareholder of the enterprise and Rosatom will act as its managing company.

“It must be pointed out that the transformation of the enterprise’s legal form will not affect the closed administrative-territorial unit status. The status and the enterprise form are in no way related. ‘Start’ will continue its work in the nuclear armaments sector of Rosatom, and its removal was never a discussed issue. The enterprise has been and will be fulfilling the state defense order,” the press release says.

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