Diamonds gone foreigners
Prime Minister Dmitry Medvedev on Monday signed a decree on privatization of the 10.9% stake in Alrosa. “Signed a decree approved by the Ministry of Economic Development proposal for the alienation of the federally owned shares of joint-stock company ALROSA in the amount of 802 781 254 shares, representing 10.9% of its charter capital,” – said in a Help to the document <-! place 7655349, / business / 2015/07/24 / 7655349.shtml, nm2015 / v2 / article / incut, incut1_link ->
«share price was 65 rubles. The deal was made with a minimum of parameters at market discount “, – said the head of the Federal Property Agency Dmitry Pristanskaya. According to him, the deal has been made with a minimum of parameters at market discount to the closing price – 3.77%. “We assumed that the discount will be approximately 7%. But interest in the asset has exceeded our expectations: the overall demand for the book has been higher than the offer by more than two times, “- said the Ministry of Economic Development Head Alexei Ulyukayev
« Well, in the end there was a small discount, otherwise it would create. a lot of pressure on the current market price of shares in free circulation, – says Vladimir Kapustiansky expert “KIT Finance Broker”. – There was a hope that we will sell at the upper end – 72 rubles, but perhaps now is not the time. “. Following the auction on Friday, July 8, the price of shares on the Moscow Stock Exchange amounted to 67.55 rubles. per share. On Monday morning, shares of ALROSA in early trading on the MICEX rose 2.31% to 69.11 rubles. per paper. Later, there was a correction, and now the company’s shares traded at a mark of 68 rubles.
Investors ALROSA during the SPO (Russian company conducted the initial public offering in 2013) became the Middle Eastern Funds, European and American companies, said First Vice Prime Minister Igor Shuvalov. “We are attracted to this deal through Russian Direct Investment Fund (Russian Direct Investment Fund) serious investors – a Middle Eastern funds. The transaction is attended European, American, Asian investors “, – Shuvalov said. “As part of the consortium on each ruble invested RDIF, attracted more than 10 rubles. from foreign partners “, – said the Russian Direct Investment Fund
A source familiar with the course of the placement, said the Russian Direct Investment Fund and its co-investors bought about 50% of the placement volume.. The share of Russian Direct Investment Fund is substantially less than the share of attracted international funds.
Thus, after placement in the ownership of the Russian Federation will be 33.1% of the company. The share of the company’s free float will increase from 23% to 34%. Shares of the Republic of Sakha (Yakutia) – 25% and ulus (districts) of Yakutia – 8%, remained unchanged
Revenue from the sale of shares in ALROSA amounted to 52.2 billion rubles, while that at the St. Petersburg Economic Forum. (SPIEF) Ulyukayev, speaking about the planned deployment while ALROSA, called the 60 billion rubles. The total amount of revenue as a result of the proceeds exceeded the crumbs from the privatization of the two previous years. In 2014-2015, the state property was sold only 36.4 billion rubles. – Of which a large part managed to gain for the sale of 2014 shares in “Inter RAO UES” in the amount of almost 18.8 billion rubles. For comparison, in 2013 was carried out six major sales in the amount of 286 billion rubles., And in 2012 – five at 201 billion rubles.
Who’s next?
One of the conclusions which made the government on the sale of package ALROSA – Russia, according to Igor Shuvalov, can “only yourself” to carry out transactions on placement of shares. Summing up the results of the transaction, Ulyukayev also said that the mayor keeps plans to sell the federally owned shares of large companies – “Bashneft”, “Rosneft”, “Sovcomflot” and VTB
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Earlier, at the St. Petersburg economic forum, the minister said that the privatization of “Bashneft” more chance – the company is free from sanctions restrictions which have for example, VTB. The Minister then added that accommodate fully all planned package of “Rosneft” (19.5%) is very difficult. “Rosneft” is too big for the exchange. We have to think about strategy, “- he said. According to him, the privatization of any of the assets, which is scheduled for this year, may be transferred.
«We have announced in advance that all transactions (for privatization) will be held in the second half of 2016. We go according to plan. On the approach of the transaction on “Bashneft”, “Sovcomflot”, to other companies. We work with potential investors “Rosneft” and we hope that all or part of the company until the end of the year will be sold, “- Shuvalov said today. He added that the package of “Bashneft” is preferable to sell to strategic investors. “It may be a stock exchange transaction. But now all the conditions of the controlling interest ( “Bashneft”) it is necessary first of all, perhaps, to offer strategic investors “, -. Said Shuvalov
For Sale of the state-owned” Bashneft “and” Rosneft “may well take place in this year, experts say. “The cost of the shares of both companies is fair, taking into account the updated estimates of oil prices. We have recently increased the average price forecast for Brent crude in the second half of this year from $ 42.5 to $ 51 per barrel. The forecast for 2017 oil increased – from $ 55 to $ 60. The shares “Bashneft” and “Rosneft” are the leaders of growth in the sector since the beginning of the year “, – said a senior analyst at UBS Maxim Moshkov, which confirms that taking into account the expected upward price movement oil, as well as the risks involved, are now “a good time to sell these shares».
Missing trillion
Earlier, Finance Minister Anton Siluanov predicted that before the end of 2016 should be completed the privatization of “Rosneft “,” Bashneft “and ALROSA. However, he stated that the amendment to the budget law for 2016. The Ministry of Finance will take into account the proceeds of the privatization of up to 1 trillion rubles
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According to Shuvalov, the proceeds from the privatization of the company will be used to finance the budget deficit. “In this case, the fiscal conditions for us are not major. Without privatization deals us, of course, it would be difficult to finance the federal budget deficit. We did not want to do it exclusively at the expense of reserve funds “, – said the first vice-premier
« The practice is that large packages of securities sold at a premium to the market -. You get control of strategic and tactical decisions and partly over financial flows. ALROSA was a good package, and so cheaply it was impossible to give. But the state is in severe conditions, the budget must somehow fill “- says Kapustiansky
The Ministry of Finance believes that the federal budget deficit this year will be 3.3% of GDP.. Poor resource conditions will reduce budget revenues by almost 800 billion rubles. in 2016. This Siluanov has said that to reduce the current budget with a three-percent deficit is only possible if the implementation of all decisions “in the field of revenue that the government has developed and will offer the refinement of the budget for the current year, in the first place we are talking about the proceeds of privatization and dividends” Rosneftegas ».
The first cost calculations take into account only 130 billion rubles. as from privatization revenues. In the next three years, the Ministry of Finance is building settlements, excluding sales of large state-owned. To finance the deficit proposed almost spend reserve funds. The reserve fund in this case, will be spent in 2017 completely, and the National Welfare Fund will be reduced in 2019 to 2.9 trillion rubles
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But the FNB already be bound by government infrastructure projects, so in reality, by 2019 the unencumbered balances in it hardly will. Already in 2017 the Ministry of Finance planned to spend 1.7 trillion rubles. reserve fund, but does not take into account sales of large state-owned.
Because of the uncertainty of reserves and revenues of the government is still not resolved the issue with the second indexation of pensions in 2016 to a rate of inflation of 12.9% in 2015 . year
Already this week, the White house is going to choose several options: from complete rejection of indexation to doindeksatsii at the level of 8,9%
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Therefore, an additional trillion from the sale of ALROSA, “Rosneft”, “Bashneft”, VTB and “Sovcomflot” allow the government to only halve the cost of reserve funds in the next year, and will not cancel the planned spending cuts.
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