OREANDA-NEWS. September 30, 2010. Vostok Nafta Investment Ltd. have sold 1 500 000 shares of RusForest AB to Alecta, representing 6.9% of the total number of shares outstanding in RusForest. Vostok Nafta remains the single largest shareholder of RusForest after this transaction, controlling 43% of the shares, company said in a statement received by Lesprom Network.

Vostok Nafta remains committed to subscribe for its pro-rata share of the proposed Rights Issue in RusForest. Alecta intends to subscribe for its part.

"Vostok Nafta remains the single largest shareholder of RusForest and, as previously announced, we are fully committed to subscribe to our share of the proposed Rights Issue. Going from a situation where we control close to 50% of RusForest to an ownership of just above 40% helps create a more well-balanced shareholder structure, and we see this level of ownership as a better long-term level for Vostok Nafta. We are proud to have Alecta become a major shareholder of RusForest. We look forward to working together with the other shareholders of RusForest, to make RusForest become Russia's leading independent forestry and sawmilling company - in terms of profitability as well as size", comments Vostok Nafta's Managing Director Per Brilioth.

RusForest is the only listed Russian forestry and sawmilling company, with operations based in Eastern Siberia and long term leases covering over 850 thousand hectares of forest land.