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. Last Updated: 07/27/2016

Voucher Auctions Set

MOSCOW (MT) - The St. Petersburg Property Fund has announced five new voucher auctions for privatized state firms under a new system that will allow buyers to lodge bids at bank branches, the newspaper Kommersant reported Wednesday.

The firms for sale are three bread factories, the design institute Giprosteklo and the Elektromontazh-55 building company.

In previous voucher auctions, bidders have had to come to special auction centers. Under the new system devised by the consultants Ernst & Young and the bank Samual Montagu, bids can be submitted at branches of Sberbank and Kredobank.

The giant ZiL factory, maker of trucks and buses but best known as the builder of black limousines for the Soviet politburo, will be auctioned for vouchers starting March 15.