20 Oct 2009 15:38

Sistema plans to sell control of Bashkir energy cos to Bashneft for 41 bln rubles

MOSCOW. Oct 20 (Interfax) - AFK Sistema plans to sell controlling stakes in the Bashkortostan fuel and energy companies to Bashneft for a total of 41.134 billion rubles, according to materials prepared for an extraordinary meeting of Sistema shareholders.

Under the proposal, Bashneft would purchase 55.58% of shares in Ufimsky NPZ , 61.57% of Novoil , 47,18% of Ufaneftechim , 51.49% of Ufaorgsintez , and 56.11% of Bashkirnefteproduct.

The shareholders will vote on the measure at a meeting on November 16. Shareholders of record on October 5 may participate.

"In the long term we plan to build the Bashkir fuel and energy companies into a vertically integrated oil company, where Bashneft will play the role of management structure. The decision to sell Bashneft controlling stakes in the fives enterprises in the complex is one of the first steps toward optimization of business processes in the Bashkir fuel and energy complex." Sistema board chairman and chief owner Vladimir Yevtushenkov is quoted as saying in a company statement.

The per-share prices are presented in the table below (prices converted at October 20 exchange rate):

Issuer Price per share, rubles Price per share, $ Price per share on RTS, $
Ufimsky NPZ
Ordinary shares 29.48147168 1.004 1.17
Preferred shares 6.616250806 0.225 0.365
Ordinary shares 20.20217694 0.688 1.15
Preferred shares 9.251051027 0.315 0.4
Ordinary shares 65.42839108 2.229 3.08
Preferred shares 21.94678093 0.748 0.77
Ordinary shares 126.6336889 4.314 3.65
Preferred shares 42.77777778 1.457 0.78
Ordinary shares 330.6597708 11.264 9.9