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SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody March 2, 2017 Issue No. 2017/07 Company News Pharmstandard to delist from Moscow Exchange on March 24, 2017 On February 17, 2017 it was announced that pharmaceuticals producer Pharmstandard would delist from the Moscow Exchange on March 24. In October 2016, Augment Investments raised its stake in Pharmstandard to 98.12%. Augment earlier said it planned to buy 100% in Pharmstandard and make the Russian company a non-public one as it will help the company to solve strategic goals in a better way and to not depend on the market volatility. The Moscow Exchange suspended trading of Pharmstandard shares from November 29, 2016. The company delisted from the London Stock Exchange also in November. According to Pharmstandard’s documents, Augment owned 96.19% in the company in 2016, while the company’s 100% affiliate Pharmstandard-Lekarstva had a 3.8% stake. Deripaska’s En+ Group holds premarketing for IPO On February 17, 2017 a banking source said that Russian billionaire Oleg Deripaska’s En+ Group was holding premarketing for an initial public offering (IPO). The premarketing started last week. He confirmed earlier media information that VTB Capital, Sberbank CIB, Citi and JP Morgan would act as organizers. Deripaska earlier said that En+ Group plans an IPO in London in the near future. He stated then that the British market would become more attractive after Brexit. En+ Group holds 48.13% in aluminum giant UC RUSAL and owns power utility EuroSibEnergo, among other assets. UAC vice president may chair Sukhoi Civil Aircraft On February 20, 2017 it was announced that Russia’s United Aircraft Corporation (UAC) Vice President Vladislav Masalov might become CEO of Sukhoi Civil Aircraft, a unit of UAC. Masalov will combine posts of Sukhoi Civil Aircraft CEO, chairman of the board of directors of aircraft producer Irkut, and vice president of UAC. Kamil Gainutdinov, who has been CEO of Sukhoi Civil Aircraft since September 2016, will become vice president of the company and of Irkut. Rosneft may complete Essar acquisition next month On February 20, 2017 it was reported that a consortium led by Russian oil major Rosneft plans to finally complete its USD 12.9 bln acquisition of India’s Essar Oil next month. Acquiring the refiner will give state- owned oil Rosneft access to India, one of the world’s fastest-growing energy markets. The deal was announced to fanfare in October but has still not closed. The sources said the delay was due to the complexity of Essar’s structure and financing, not to any issues relating to the buyers, who will buy 98% of Essar. Rosneft is under Western sanctions due to Moscow's role in the Ukraine crisis. Two sources said that the deal, announced during a visit to India by Russian President Vladimir Putin, was now set to be completed on March 15. Rosneft will acquire a 49% share in Essar and another 49% will be shared between commodities trader Trafigura and Russian private investment group United Capital Partners (UCP). The deal was structured to avoid the risk of Western sanctions, the chief executive of Russian bank VTB, which is involved in financing the deal, told Reuters last year. Essar Oil operates a 400,000 barrel-a-day refinery in Vadinar on India’s west coast and sells fuels through its 2,470 filling stations across the country. Trafigura said that VTB would co-fund Trafigura and UCP’s 49% stake. Rosneft said it might use its own funds, 1 external financing or both to pay for its share. One of the sources close to the deal said discussions about the management team at Essar were holding up completion of the deal, but did not elaborate. The second source said that Essar’s Indian creditor banks, which include State Bank of India (SBI), must approve a change of control at the company. The deal was also complicated by Essar’s ongoing debt restructuring program. A senior SBI official said the bank was on course to approve the deal, and did not see U.S. sanctions getting in the way, but did not give a timeframe. VTB earlier agreed to provide Essar with up to USD 3.9 bln for debt reconstruction. Rosneft said it expected to close the deal in the first quarter of 2017. Trafigura gave the same timeframe, and said it was also replying on behalf of UCP. Lukoil closes deal to sell Ukrainian petrochemical plant On February 21, 2017 it was announced that Russian oil major Lukoil closed a deal to sell 100% in LUKOIL Chemical B.V. which owns petrochemical plant Karpatneftekhim in Ukraine. Lukoil didn’t disclose the sum of the deal. In June 2016, Lukoil CEO Vagit Alekperov said the company would like to sell Karpatneftekhim and estimated the price in about USD 100-350 mln, but there were no buyers. Previously, Lukoil owned an oil refinery in the Ukrainian city of Odessa and a network of fuel filling stations in the country, but the company sold the assets in 2013 and 2014. Russian Aquaculture plans to attract USD 50 mln in SPO On February 22, 2017 it was stated that Russian Aquaculture plans to attract up to USD 50 mln in a secondary public offering (SPO) sometime in June-November and use the money for its further development. The company plans to invest first of all in construction of new fish farms in the Barents Sea. In 2017, the company plans to increase fish production by around 50% to over 9,000 tonnes. MTS’ board of directors extends CEO Dubovskov’s powers for 3 years On February 22, 2017 the board of directors of Russian mobile operator MTS prolonged powers of the company’s President Andrei Dubovskov by three years starting from March 5. The board also kept unchanged its management, which comprises Dubovskov along with Vice President for Human Resources Mikhail Arkhipov and Vice President for Sales and Service Kirill Dmitriyev, among others. MTS’ net profit increased 7.5% on the year to RUB 14.5 bln in July-September 2016. Ivanov nominated for ALROSA president On February 27, 2017 Yury Trutnev, Deputy Prime Minister, declared that Sergei Ivanov, a senior vice president of Sberbank and son of presidential envoy Sergei Ivanov, would be nominated for uncut diamond mining giant ALROSA’s president. He also confirmed that President Andrei Zharkov signed a notice of resignation. Previously, media reported that the government was discussing Zharkov’s replacement as his views on the company’s development did not coincide with government ideas. Finance Minister Anton Siluanov, chairman of the board, said that the meeting would be convened very soon. Nordgold shareholders approve GDR buy-back program On February 27, 2017 it was announced that an extraordinary shareholder meeting of gold mining company Nordgold, controlled by Russian businessman Alexei Mordashov, approved a program to buy back global depositary receipts (GDRs) under a planned delisting from the London Stock Exchange (LSE). Earlier in February, Nordgold offered to buy back GDRs from minority holders at USD 3.45 per security from February 9 to March 16. The shareholders of the company will also have a chance to sell the securities at this price four more times: after publication of financial reports for January-June 2017, for the entire 2017, for January- June 2018, and for the whole 2018. Nordgold plans to spend about USD 118 mln of its own funds for the project and says it may return to the open market as a large gold producer in the coming years, depending on market conditions. The capital of Nordgold consists of 370.396 mln common shares. GDRs account for 51.336 mln shares, of which majority shareholders own 17.006 mln. This means that Nordgold can buy back up to 34.329 mln shares, or 9.27% of capital. Republic of Tatarstan hopes for bailout of Tatfondbank On February 28, 2017 Rustam Minnikhanov. head of Russia’s republic of Tatarstan, said that the republic expects that Tatfondbank will undergo bailout procedures. In December 2016, the central bank appointed the Deposit Insurance Agency (DIA) as an interim administration at Tatfondbank for six months and introduced a three-month moratorium on fulfillment of liabilities. He said that the applications by other contenders to bail out the bank were turned down by the central bank. 2 Sovcomflot board approves 281 mln extra share offering On February 28, 2017 the board of directors of shipping company Sovcomflot approved offering 280.957 mln additional common shares. The shares will be placed publicly. Kapital says may struck amicable debt deal with FESCO On March 1, 2017 Vadim Soskov, CEO of Russian management company Kapital, which owns exchange bonds of the second series of troubled Far Eastern Shipping Company (FESCO), stated that the company does not rule out an agreement with FESCO. In 2016, Kapital and Bank Primorye filed cases against FESCO to the Moscow Arbitration Court. The court satisfied a claim by Kapital, which demanded that FESCO pay RUB 62 mln debt in the form of amortization of 20% of a face value of the bonds, which the company failed to pay in May 2016. A court of appeals upheld the decision in February. But FESCO has not yet paid the debt, and on February 28 Kapital filed a bankruptcy suit. Holders of FESCO’s exchange bonds of the first series approved a restructuring deal in December. On December 14, FESCO offered to pay the third coupon to the owners of the first series of ruble-denominated exchange bonds until April 27, 2017. Gazprom Energoholding plans no IPO in mid-term On March 1, 2017 Denis Fyodorov, CEO of Russian power utility Gazprom Energoholding, stated that the holding sees an initial public offering (IPO) reasonable only if prices of shares companies comprising Gazprom Energoholding jump four- or fivefold.
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