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M&A: Russian Railways selling 75% less 2 shares in First nonmetallic co.

JSC Russian Railways has announced an open competition to sell 75% less 2 shares in OJSC First nonmetallic company, with qualifying requirements to bidders, as stated by the press service of Russian Railways.

The shares will be sold pursuant to order 1874-r of the Russian Government as of October 26, 2012 and the decision of Russian Railways' Board of Directors as of December 23, 2013.

Applications for bidding may be submitted from February 18 through April 3. The competition result will be announced on April 22.

It will be recalled that Russian Railways plans to sell 4,701,686 common shares of the company at par value of RUB 1,000. The starting price of RUB 4.857 billion corresponds to the stock market value.

The auction organizer is CJSC VTB Bank 24.
JSC First nonmetallic Company (JSCo PNK, tax number: 7708670326) is principally engaged in the production of break-stone. Being wholly owned by Russian Railways, the company is committed to ensure long-term supply of break-stone products to Russia's railway system.

JSC Russian Railways (tax number: 7708503727) was established on October 1, 2003 on the basis of the Ministry of Railway Communication. The state holds 100% of the company's shares which owns a railway system stretching for 85.5 thousand km. The company's authorized capital is RUB 1.827 trillion.

IFRS net profit of the company for 2012 dropped 2.2-fold to RUB 78.262 billion from RUB 169.588 billion in 2011. Revenue increased by 4.1% to RUB 1.54 trillion from RUB 1.479 trillion. Operating profit (before subsidies from the federal and local budgets) was RUB 72.038 billion, EBITDA decreased by 8.9% to RUB 319 billion from RUB 350 billion, EBITDA margin to 21% from 24%.

According to the DataCapital information retrieval system, RAS net profit of JSC Russian Railways for 9 months 2013 decreased 9.37-fold to RUB 4.258 billion from RUB 39.881 billion the year before. Revenue grew by 0.19% to RUB 1.022 trillion from RUB 1.02 trillion, sales profit decreased by 32.64% to RUB 62.476 billion from RUB 92.751 billion, pre-tax profit 3.24-fold to RUB 24.458 billion from RUB 79.242 billion.

"AK&M", 19.02.2014


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