Moscow. April 24. The transaction structure for the privatization of Sovcomflot, prepared and envisages to use part of the funds for the development of the company, said the head of the Ministry Maxim Oreshkin on Board of the Ministry on Monday.
“Today, the finished structure of the transaction for a primary offering of share of the company “Sovkomflot” on the Moscow stock exchange. Are actively working in this direction together with management. New is that the deal is structured so that not only raise funds, but also to give impetus to the development of the company and related industries”, – he said.
Now 100% Sovcomflot owned by the state. In the privatization plan for the 2017-2019 biennium. fixed the possibility of reducing the state’s share in the company to 25% plus one share. At the first stage it is planned to sell a stake of 25% minus one share, the last official estimate of its value was 24 billion rubles. This figure is included now in the budget of the Russian Federation in 2017 as forecast amount of receipts from the privatization of Sovcomflot (officials have repeatedly called it obsolete, but the new official estimate is still not called).
The first Vice-Premier Igor Shuvalov has charged the government to work out by mid-may the final algorithm of the transaction on “Sovcomflot”. … In March, has said that 75% from privatisation will state that 25% of Sovkomflot. This scheme, according to him, will allow to replenish the budget, reduce the debt burden of the company.
However, the Ministry of Finance to use part of the funds from privatization of Sovcomflot in the company itself doesn’t support: according to the Ministry, all proceeds from the sales package must be received in the budget. He will not receive the funds due to the fact that the government’s stake in VTB this year will not be sold, noted the Ministry of Finance.
“When will prepare the act of the government, of course we will protest (against the direction of the funds in the company itself). We believe that money should flow to the budget”, – said in early April, Deputy Finance Minister Alexei Moiseev, noting that the Finance Ministry is ready to discuss the direction of the funds from privatization of the company if the government suggest how to replace the lost budget money.
Investment consultant for privatization of “Sovcomflot” is “VTB Capital”, the work on the deal, it will help Sberbank CIB. The location of the package, the company will be held at the “Moscow stock exchange”.
Sovcomflot – the largest Russian shipping group, specializing in transportation of oil, oil products and liquefied gas; one of the largest operators in the world tanker fleet.