Gas monopoly uses the deal with its own pension fund to raise cheap and long-time loan.
Photo: Oleg Kharseev
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Gazprom Borrows from Gazprom
Russia’s gas monopoly Gazprom has found the method to finance its investment program, the increase in which was reported a month ago. Gazprom BOD is considering the sale of 4.5 percent in Gazprombank to Gazfond Pension Fund. The latter will pay roughly $1 billion, twice as much as the expert evaluation of the stake.
The agenda of Gazprom BOD sets forth “endorsement of the deal with interest” with the stocks of Gazprombank worth 23 billion ruble (a bit less than $1 billion). The buyer is Lider Asset Management Company and Gazfond Pension Fund is the beneficiary. The issue is being voted by closed ballot and the voting will be completed next Tuesday.
Neither Gazprom nor Lider commented on the deal. The sources say the generated funds will go to finance the investment program of monopoly, which amount grew by 11 percent to 821.66 billion ruble.
Gazprom is selling the stocks at the price twice as much as the evaluation of analysts. “Given they sell a minor stake and to the advantage of majority holder (Gazfond controls 50 percent plus a stock in Gazprombank), the ratio of the deal amount to the bank capital shouldn’t exceed 2.5,” said Uralsib Corp. analyst Leonid Slipchenko, assessing the value of 4.5 percent in Gazprombank at $500 million.
The cost of loans has increased materially, and Gazprom’s method of raising money via subsidiary pension funds will generate cheap and long-term loans for the monopoly.
www.kommersant.com
All the Article in Russian as of Aug. 15, 2008
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