FAS permits Sistema's purchase of 50% stake in Financial Alliance from Bashneft
MOSCOW. Nov 21 (Interfax) - Russia's Federal Antimonopoly Service (FAS) has allowed AFK Sistema to buy up a 50% stake in LLC Financial Alliance, the FAS said.
This stake might be purchased from Sistema-controlled OJSC Bashneft , a source at Sistema told Interfax.
Sistema told Interfax that the company is mulling the option of consolidating a 50% stake in Financial Market on its own balance sheet since the holding sees opportunities for investing in the railway freight transport sector. However, the company said that it is still too soon to comment on the timeframe and parameters of the transaction.
A source close to Sistema said that Financial Alliance is a noncore asset for Bashneft. Therefore, a transfer to Sistema would be a logical step.
The FAS decision on Sistema's application was made on November 15.
Sistema's first vice-president, Anton Abugov, said that the holding plans to transfer Financial Alliance to its acquisition, OJSC SG-Trans, and other railway assets.
According to the SPARK Database, Sistema's Bashneft owns 50% in Financial Alliance while the other 50% stake belongs to Cyprus-based Kroony Finance Ltd. According to Abugov, Sistema's partners in this asset are represented in the management who are "market professionals".
Among the managers are the former CFO for OJSC Freight One Company (which left the operator after Vladimir Lisin's UCL Group's purchase of a 75% stake), Alexei Taicher, and Vladimir Yakovin, who earlier worked as the deputy head of RZD's special transport service center. Taicher now chairs the board of directors at Financial Alliance, a source at Sistema told Interfax.
"Our partners are ready to invest in the project along with us [when] we merger the company," Abugov said at a briefing. He also said that the partners are also ready to invest in the joint venture after its transfer to SG-Trans. Furthermore, the company might operate under the UniRail brand.
