The RDIF will not capitalize the Novorossiysk port

The RDIF will not capitalize the Novorossiysk port

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The government did not support the desire of the Fund to obtain free of charge an attractive asset


Photo: RIA NOVOSTI/Sergey Venyavsky

The Russian direct investment Fund (RDIF) will receive a 20-percent stake of Novorossiysk commercial sea port (NCSP) within the framework of the capital increase. This “news” told two sources close to shareholders of the port. Previously such a scheme suggested itself RDIF, however, the government did not support her. Thus, aggravated the main intrigue with the stock port — sell the state package to a strategic investor or allow fragmentation.

NCSP now own the joint venture “Transneft” and Summa group Is Novoport Holding (50.1% interest), Rosimushchestvo (20%), a subsidiary of “Transneft” “Transneft-Service” (10.5%) and the structure of Russian Railways (5,3%). The remaining shares are with minority shareholders and the free float on the Moscow and London stock exchanges.

— RDIF proposed to carry out the recapitalization of the Fund using the government’s stake in NCSP. The proposal was announced by the government but it was not supported, — told “Izvestia” a knowledgeable Federal official.

Earlier, the transport Ministry has officially expressed the position that does not support this proposal. Deputy head of the Ministry Viktor Olersky said that he doubted the appropriateness of the package of the RDIF. According to “Izvestia”, it was opposed by other officials of the government and “Transneft” owning at the moment, the largest share in NCSP.

The Ministry of transport, the Summa group and Transneft could not comment on the issue of the FUND. Refrained from comments and in the Fund.

— We know nothing about it, — said the press-Secretary of “Transneft” Igor Demin.

“Transneft” since last year, has repeatedly announced its intention to sell the shares of NCSP. However, until now this has not been done, as the oil transportation monopoly is obliged to coordinate the sale of shares, Rosimushchestvo, the Federal property management Agency proposed to combine the sale of state package of “Transneft”.

— The method of privatization of state-owned stake in NCSP must choose the current shareholders — the government and “Transneft”. The group of “Sum” is ready to consider any variants, — said the press service of “Sum”.

In the privatization plan for 2017-2019 NCSP is. But in 2017, it is unlikely to privatize, as it is a strategic asset and to prepare it sale need more time, said “news” a Federal official. According to recent estimates, the cost of the government’s stake was estimated at 27 billion rubles, Transneft — 47 billion rubles.

Novorossiysk commercial sea port is a leading stevedoring operator in Russia (the stevedore responsible for the loading and unloading of staying in the port merchant ships) and ranks third in Europe by cargo turnover after Rotterdam and Antwerp. Competitive advantage NCSP is a favorable geographical position.

The Summa group is one of the main contenders for the purchase of shares of NCSP, but not the only one. The FUND, in addition to the procedure of capital increase, reported interest in buying together with the port’s operator, Dubai DP World.

NCSP and so attractive asset, if there is interest from investors, both Russian and Western, says a senior analyst “Alpari” the novel Tkachuk. If the asset would have been unpopular, the participation of the RDIF would make sense as a beautiful “packaging asset” and attract foreign capital, he said.

— The issue of privatization of the port is primarily a question of price. The investor who offers the highest price and the most interesting programme for the development of the port of Novorossiysk, in the end will get priority, — said the analyst.

The main problem of the NCSP that the state has not yet fully decided that it is cheaper to sell to a strategic investor a controlling port or to prevent the fragmentation of control, says the analyst of “Finam” Alexey Kalachev. Transaction through the FUND, albeit with the participation of foreign funds or companies, will not provide the concentration of control, he said.

— Except that “Transneft” will relinquish their shares to the Summa group, which controls a quarter of the capital port — all other schemes lead to a dilution of control, — says Alexey Kalachev.

The expert suggests that “Transneft” has ceased to be an interested party in the sense of determining the future owner of the NCSP.

— If the company will allow it to sell shares “Amount”. If you say — sell the FUND. Her decision to sell the package just created the opportunity to form a controlling stake, for which clung the Ministry of transport, — said Alexey Kalachev.

In his opinion, the authorities are inclined to the unification of packages of the state and “Transneft” to find a new strategic investor.