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Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: Investcafe
Provider: Investcafe

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ANK Bashneft' OAO Sells Its Stake In LLC Financial Alliance To AFK Sistema OAO

Thursday, 27 Dec 2012 07:00pm EST 

ANK Bashneft' OAO (Bashneft) announced that it has concluded a contract for the sale of its 50% stake in the authorized capital of LLC Financial Alliance (a professional rolling stock operator) to AFK Sistema OAO. The transaction was approved by Bashneft’s Board of Directors on December 20, 2012. This transaction forms part of Bashneft’s strategy for the divestment of non-core assets, which is aimed at enhancing operational efficiency and promoting competition on the market in services provided to Bashneft in the sphere of railway transportation of oil and petroleum products. The transaction value has been calculated based on the independent appraisal carried out by Ernst & Young and amounts to RUB 3.41 billion. Bashneft acquired a stake in LLC Financial Alliance in August 2012 and transferred the railcar fleet comprising about 4,500 railcars owned by Bashneft Group to the company. Financial Alliance provides Bashneft with services in the sphere of railway transportation of oil and petroleum products on market terms.