Page 54 - RUSRptAug18

MRSK Volga RUB 0,1 383 0,012 10,5% 0,012 10,5% Medium
MRSK Siberia RUB 0,1 194 0,004 3,2% 0,004 3,2% Medium
MRSK South RUB 0,1 48 0,005 9,1% 0,005 9,1% Medium
MRSK Urals RUB 0,2 333 0,02 9,3% 0,02 9,3% Medium
Tomsk Distribution Co RUB 0,3 23 0,021 6,2% 0,021 6,2% Low
Tomsk Distribution Co RUB 0,4 4 0,017 4,8% 0,017 4,8% Medium pref
Kubanenergo RUB 70,6 346 0,928 1,3% 0,928 1,3% Low Source: Bloomberg, ATON Research
8.3.3 ECM news
Major Russian petrochemical holding Sibur plans to hold an IPO to raise $2bn-3bn based on a valuation of $20bn-$26bn, Reuters said on July 25 citing unnamed financial market sources. A possible IPO could be a big test of the resistance of Russia's largest names to the mounting sanction pressure . Despite having sanctioned shareholders, Sibur placed a $500mn six-year Eurobond yielding 4.125% in September 2017 , with the book for the bonds oversubscribed more than threefold. Russia's largest petrochemical holding is controlled by Kremlin insiders Leonid Mikhelson (48.5%), Gennady Timchenko (17%), and Kirill Shamalov (3.9%). Shamalov is an ex-son-in-law of Russia's President Vladimir Putin, he and Timchenko are included in the US SDN-List.
Russian railway transportation holding RTK is preparing an IPO in Moscow for autumn 2018 , Reuters reported on July 25, citing unnamed sources in the railway and the financial markets. RTK could offer $300mn-$500mn for the placement organised by VTB Capital, JP Morgan, Sberbank CIB, and Credit Suisse. The company is preliminarily valued at RUB50bn ($800mn). The holding includes Rustranskom and Rusagrotrans, operates over 63,000 gondolas, and is the largest operator for grain transportation in Russia. Other assets include the Cargo Company, LP Trans, Transles, Kazakh operators Astyk Trans, and Azeri AzRusTrans. The RTK shareholder structure has not been disclosed, but the holding is reportedly controlled by Konstantin Zasov and Konstantin Sintsov. The favourable market dynamics for gondolas recently led VTB Capital to place RTK's rival gondola operator Globaltrans on its Most Liked Stocks list .
The shareholders of Russian developer Samolet Group have approved a plan to list over 45% of its share capital on Moscow Exchange , Vedomosti daily said on July 30. The timeline for the offering and a valuation were not disclosed. Previously in the bne IntelliNews equity market analysis of January 2018 Samolet (which means “airplane” in Russian), along with other mid-cap companies, was flagged as one of the companies that might float this year, later reiterated by unconfirmed reports . Since then large Russian real estate developers came into focus as they are set to benefit from the ongoing regulatory changes in the sector limiting the pre-sale of housing under share
54 RUSSIA Country Report August 2018 www.intellinews.com