ChelPipe Group selling oil services division Rimera to controlling shareholder for 6.8 bln rubles
CHELYABINSK. March 9 (Interfax) - The ChelPipe Group is selling its oil services division to its controlling shareholder Andrei Komarov for 6.776 billion rubles, according to a company statement.
The purchase-sale agreement was signed on March 5 and states that payment for a 99.9999% stake in Rimera must be received within a month.
It was reported on March 4 that ChelPipe would sell JSC Rimera and the Rimera group's Alnas and Izhneftemash plants. It emerged on March 5 that Komarov was buying LLC Rimera-Alnas for 1.172 billion rubles.
"The decision to sell ChelPipe's shares in JSC Rimera and the stake in LLC Rimera-Almas to Andrei Komarov was reached in the framework of the Rimera Group's restructuring. As a result of the deal, Komarov will own 99.9% of JSC Rimera and will be the sole owner of LLC Rimera-Anas," ChelPipe told Interfax.
The company is not yet commenting on the sale of Izhneftemash.
Rimera is the ChelPipe Group's oilfield service division and brings together companies that produce equipment and provide services for fuel and energy companies. ChelPipe owns 100% of JSC Rimera, which owns 100% of Tatarstan-based LLC Rimera-Alnas and 52% of Udmurtia-based PJSC Izhneftemash, in which ChelPipe owns a 42.4% stake. ChelPipe also owns 45% of LLC Rimera-Service.
Rimera had sales revenue of 803 million rubles and net losses of 135 million rubles to Russian Accounting Standards in 2019.
Chelyabinsk Pipe Plant is the flagship enterprise of the ChelPipe Group, which also includes the Pervouralsk New Pipe Plant, scrap metal company LLC Meta, metal trader CJSC Uraltrubostal Trading House, trunk pipeline equipment manufacturers LLC Eterno, CJSC Pipeline Bends and MSA a.s. of the Czech Republic and oil services division Rimera.
The group's main shareholders are Andrei Komarov, who owns 77.26% outright and another 9.3% via the BVI-registered Bounceward Ltd, and Pavel Fyodorov with 10.67%. The free float is 2.8%.
Russia's Federal Antimonopoly Service (FAS) has approved both TMK's and Zagorsk Pipe Plant's (ZTZ) applications to buy ChelPipe, however, ZTZ is no longer looking to buy ChelPipe. RBC, citing sources, reported at the beginning of March that Dmitry Pumpyansky's TMK has become the main contender to buy ChelPipe. TMK's acquisition of the rival pipe manufacturer could take place in March or April. Such a merger would form a new company with about a 98% share of the seamless pipe market, an industry source estimated.
