Federal Freight deputy CEO buys controlling stake in Zarechnaya with debt - paper
MOSCOW. June 14 (Interfax) - TOO Ugol Kazakhstana has acquired 64% of LLC Interconsulting, which owns coal company Zarechnaya, business daily Vedomosti reported on Wednesday, citing a source close to the seller.
The company was bought with together with debt, the paper said. Ugol Kazakhstana director Chingiz Ibragimov and a spokesman for Zarechnaya confirmed that the deal has taken place, the paper said.
The deal was made "at nominal value," two sources close to the parties in the deal said, Vedomosti reported. Interconsulting's charter capital is split into 16.5 million shares with par value of 1 ruble each. Therefore, the deal could have been worth about 10.5 million rubles, the paper said.
Ibragimov did not say what portion of the debt was acquired by Ugol Kazakhstana, but he said that the company is holding negotiations with the main creditor, Gazprombank , to restructure the debt, the paper said.
The SPARK-Interfax database shows that Interconsulting's debt totals 511 million rubles, and Zarechnaya's debt amounts to 45.4 billion rubles, according to its financial statement, Vedomosti said. A representative of the bank did not respond to questions.
Ugol Kazakhstana is owned by the deputy CEO of Russian Railways (RZD) subsidiary Federal Freight, Azamat Kapenov, the son-in-law of Kazakhstan's former prime minister and current National Security Council chairman Karim Masimov, the paper said, citing a source close to one of the parties in the deal.
The shares in Interconsulting were sold by Mikhail Demyanov and Sergei Zryadny, who each owned 32%, the paper's sources said. They acquired stakes in the company following the conclusion of a legal dispute between Viktor Nusenkis, who now owns 4%, and Ukraine's former prosecutor general Gennady Vasilyev. The other 32% of Interconsulting is owned by Dmitry Nikolayev.
The company's coal production tumbled 43.4% to 4.7 million tonnes in 2016. Zarechnaya is now under supervision proceedings, the paper said.
"We intend to invest 6.5 billion rubles in re-launching the Oktyabrskaya, Alekseyevskaya and Sibirskaya mines," the paper quoted Ibragimov as saying. The company is also holding negotiations with major traders, including Glencore, on long-term contracts.
Ugol Kazakhstana's goal is to have the company break even and bring production up to 8 million-9 million tonnes, Ibragimov said. Zarechnaya's mines produce D and G rank coal.
