Moscow press review for September 5, 2011
MOSCOW. September 5 (Interfax) - The following is a digest of Moscow newspapers published on September 5. Interfax does not accept liability for information in these stories.
VEDOMOSTI:
RusHydro is buying 100% of the Bashkortostan energy distributor ESKB from Bashkirenergo , two sources close to both sides to the deal report. The state-owned company is ready to pay 5.7 billion rubles for the asset, one of them added. A source close to Transneftservis S that also hoped to acquire the asset confirmed the sum of the possible deal. Representatives of RusHydro and Bashkirenergo refrained from comments. The RusHydro Board of Directors considered the deal on Friday, judging by documents posted on the company website. ("Distribution for RusHydro")
Gazprombank wants to meet the best Western standards and lower the price of loans which is possible by issuing new shares which the bank is ready to use for paying its debts to VEB. A relevant proposal was made in a letter Gazprombank CEO Andrei Akimov sent about a month ago to Prime Minister Vladimir Putin who heads the VEB Supervisory Council, a source close to a member of the Gazprombank Board of Directors disclosed this to Vedomosti. The source said Putin gave his approval to the letter and issued instructions to thrash out the matter. In 2009 Gazprombank borrowed 90 billion rubles from VEB. Now it suggests that VEB convert the entire debt into shares, a source said. ("Akimov calls VEB")
The problem of shipping output is becoming increasingly acute in Russia. Thus Mechel is unable to deliver output worth several hundred million dollars, Senior Vice President Mukhammed Tsikanov announced. Two million tonnes of coal worth about $600 million and about 140,000 tonnes of iron ore concentrate worth $60 million are in question. Presently only some 60% of applications for transportation filed by Mechel are fulfilled, he said. Other consignors also have problems, staff members of steel, coal and chemical companies polled by Vedomosti confirmed. Consignors are urging Russian Railways to take robust steps to resolve the problem of cargo deliveries but it replies by saying that it lacks the funds to expand its infrastructure. ("RZHD isn't carrying")
Unilever Executive Director Paul Polman believes that in the next 10 years BRIC countries will guarantee 40% of the world's economic growth. As Russia is the R in BRIC, special attention should be paid to it as well. In his interview with Vedomosti Polman said whether he is ready to learn from other top executives to become better, and why it is unnecessary to always be polite and tell each other only pleasant things. ("We don't like raising Prices," Paul Polman, Unilever Executive Director")
KOMMERSANT:
The Federal Network Company is launching a project the implementation of which will unite the power grids of the Far East and Siberia for the first time in 2012. As a result RusHydro will get a chance to deliver cheap electricity from Bureya and Zeya HPPs to the market beyond Lake Baikal. Rivalry for consumers may begin in the area between major state-owned energy holdings: the power plants in Chita region and Buryatiya belong to Inter RAO UES . (p. 9 "Far East to be united with Siberia")
The unification of Sberbank and Troika Dialog is accompanied by the departure of key executives from both sides. Kommersant learned that following Sberbank Managing Board member Andrei Golikov who had been responsible for investments and left the bank in July Troika Dialogue is being left by the second most important person in the investment company after Ruben Vardanian. Chief Business Officer Jacques Der Megreditchian named as the reason for his departure the wish to plan his future more flexibly. (p. 1 "CBO drops out of Troika")
PIK group is transferring about 160,000 square meters of commercial premises in its housing compounds to closed real estate mutual funds. In this way the developer expects to raise at least $225 million to finance its projects. PIK will have to guarantee investors a profit rate of approximately 15% per annum instead of the conventional 10% as several of the sites contributed to the funds have not been completed yet. (p. 10 "PIK packs Real Estate")
Tobacco distributor Megapolis of billionaire Igor Kesayev may put off its IPO scheduled for the autumn. In addition to instability on financial markets the postponement decision may stem from the latest proposals of the Health and Social Development Ministry to fight smoking. The anti-tobacco bill drafted by the ministry may badly reduce the attractiveness of Megapolis controlling some 70% of the cigarette wholesale market in Russia in the eyes of investors. (p.10 "Smoke covers Megapolis IPO")
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