The package is small and deleted: why did Sovcombank buy a 10% stake in RTI holding from Sistema JSFC?
Sovcombank repurchased 10% of the shares in the RTI holding from AFK Sistema . Its share decreased accordingly from 84.68% to 74.68%.
Sergey Vasin, a leading analyst at Gazprombank, believes that a 10% stake in RTI could cost Sovcombank 5.5–6 billion rubles.
Fitch's senior director, Alexander Danilov, believes the acquisition of the bank is not obvious: “It is not clear why the bank should acquire a minority stake in a company engaged in microelectronics, unless it is part of another transaction or the result of a restructuring.” The press service of Sovcombank explains the purchase as “the great potential for growth in the value of this strategically important for Russia high-tech business.
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The bank has acquired a too small package that will not allow it to influence the dividend policy, and rely on dividends from a company that works for the defense industry is not worth it, Denis Taradov, a BDO partner in Russia, told RBC. Now Sistema tries to actively monetize its assets, but it’s hard to say why it was Sovcombank that became the acquirer of the package, adds Vasin.
Sovcombank credits the group of companies "RTI", told the "Vedomosti" a representative of the corporation Sergey Kopytov. According to him, Sistema and Sovcombank actively cooperate, and the continuation of this partnership is the transaction for the sale of shares in RTI. Kopytov hopes that the bank’s entry into the capital of RTI will contribute to the growth of value.
Last year, the group of companies "RTI" ended up with a loss of 2.1 billion rubles, said NRA analyst Tatyana Kovaleva. She notes that the losses are largely due to the revaluation of assets and foreign currency liabilities.
In 2014, the company's revenue amounted to 81 billion rubles, which is more than the total of 2015. This is explained by long-term contracts that are unevenly accounted for in revenue, in addition, individual segments of the company's business (for example, defense solutions) are actively growing, which makes it possible to increase the estimated transaction amount, Vasin argues.
Recently, Sovcombank actively acquires financial and non-financial assets. At the end of the year, Sovcombank acquired a 10% stake in Modbank from Uniastrumbank. The amount of the transaction, according to RIA Novosti, amounted to 415.5 million rubles.
In September 2015, Sovkom bought a 9.48% stake in RosEurobank, focused on corporate lending. At that time, as Khotsimsky explained to the Kommersant newspaper, for Sovcombank “this is a high-quality investment and exchange of experience, cooperation in projects”.
RTI owns a controlling stake in the Zelenograd plant "Micron" , and also works in the field of defense solutions, integrated security systems, microelectronics and system integration.At the end of 2012, 100% of the shares of RTI was estimated at 26.5 billion rubles, the Bank of Moscow reported. Thus, 84.67% of RTI, owned by Sistema, was estimated at 22.5 billion rubles.
Sergey Vasin, a leading analyst at Gazprombank, believes that a 10% stake in RTI could cost Sovcombank 5.5–6 billion rubles.
Fitch's senior director, Alexander Danilov, believes the acquisition of the bank is not obvious: “It is not clear why the bank should acquire a minority stake in a company engaged in microelectronics, unless it is part of another transaction or the result of a restructuring.” The press service of Sovcombank explains the purchase as “the great potential for growth in the value of this strategically important for Russia high-tech business.
')
The bank has acquired a too small package that will not allow it to influence the dividend policy, and rely on dividends from a company that works for the defense industry is not worth it, Denis Taradov, a BDO partner in Russia, told RBC. Now Sistema tries to actively monetize its assets, but it’s hard to say why it was Sovcombank that became the acquirer of the package, adds Vasin.
Sovcombank credits the group of companies "RTI", told the "Vedomosti" a representative of the corporation Sergey Kopytov. According to him, Sistema and Sovcombank actively cooperate, and the continuation of this partnership is the transaction for the sale of shares in RTI. Kopytov hopes that the bank’s entry into the capital of RTI will contribute to the growth of value.
Last year, the group of companies "RTI" ended up with a loss of 2.1 billion rubles, said NRA analyst Tatyana Kovaleva. She notes that the losses are largely due to the revaluation of assets and foreign currency liabilities.
In 2014, the company's revenue amounted to 81 billion rubles, which is more than the total of 2015. This is explained by long-term contracts that are unevenly accounted for in revenue, in addition, individual segments of the company's business (for example, defense solutions) are actively growing, which makes it possible to increase the estimated transaction amount, Vasin argues.
Recently, Sovcombank actively acquires financial and non-financial assets. At the end of the year, Sovcombank acquired a 10% stake in Modbank from Uniastrumbank. The amount of the transaction, according to RIA Novosti, amounted to 415.5 million rubles.
In September 2015, Sovkom bought a 9.48% stake in RosEurobank, focused on corporate lending. At that time, as Khotsimsky explained to the Kommersant newspaper, for Sovcombank “this is a high-quality investment and exchange of experience, cooperation in projects”.
Source: https://habr.com/ru/post/300526/
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