The state corporation Rostek sold the current head of the Kalashnikov concern Alexey Krivoruchko and his company Transkomplektholding 26% minus one share of the concern for more than 1.5 billion rubles, RBC head Sergei Chemezov told RBC. The deal was closed on February 14, he said.
Thus, the share of private investors in Kalashnikov has been increased to 75% minus one share. The blocking stake (25% plus one share) remains with Rostekh. "This means that the concern as an important defense asset remains in sight of the state and we retain the opportunity to influence the key processes in the company," Chemezov explained.
As specified by RBC in the press service of Rosteha, the deal was prepared for a long time, it was agreed by the board and supervisory board of the corporation, and also received government approval.
"Kalashnikov" - the largest Russian producer of small arms, said on the official website of the concern. According to own information, it occupies 95% of the entire Russian market of small arms and 66% - in the segment of civil long-barreled weapons. The company's products are supplied to more than 27 countries. The concern owns 51% of one of the largest drones manufacturers in Russia - the company Zala aero.
Until 2014, "Kalashnikov" was 100% owned by the state corporation "Rostekh". In May 2014, Rostek sold 49% of Kalashnikov for 1.3 billion rubles. Transkomplektholding, which until November 2017, through the TKH-Invest, was owned by businessmen Alexey Krivoruchko (50%), Andrei Bokarev and Iskander Makhmudov (25% each). Then Makhmudov and Bokarev sold their shares in TKH-Invest and ceased to be co-owners of Kalashnikov. Now, according to SPARK, the company TKH-Invest is half own to itself, half-Krivoruchko. Forbes magazine noted that by selling its stake in Kalashnikov, Bokarev and Mahmudov may be trying to insure themselves from falling into the sanctions lists.
As a result of 2014, the concern showed a loss. According to the SPARK database, it amounted to almost 340 million rubles. According to the annual report of Kalashnikov for 2016, the company's profit amounted to 2.3 billion rubles.
Work with investors and public-private partnerships is one of the main directions of the Rostekh strategy until 2025. "This is a real mechanism for the development of industrial assets, where the opportunities of the state and private capital provide a synergistic effect," Rostekh explained.
A few years ago the situation of "Kalashnikov" was heavy, but now it "becomes a really strong brand," argue in Rostekh. The concern produces not only small arms, but also drones, boats and electric motorcycles. In many respects it is the merit of a private investor who "modernized the facilities, invested heavily in the creation of new products that are modern and in demand on the market," the press service of the corporation said.
"Kalashnikov" under sanctions
In July 2014, the US Treasury, and in September the European Union, the Kalashnikov concern entered the sanctions list. At that time, the US accounted for up to 90% of the exports of the civilian small arms of the concern. In particular, in early 2014, a five-year agreement was concluded to supply Kalashnikov products to North America - from 80,000 to 200,000 small arms a year.
On October 28, 2017, Washington published a list of 39 Russian defense enterprises and intelligence agencies, which also included the Kalashnikov concern, in accordance with CAATSA's Law on Countering America's Opponents through Sanctions. Cooperation with the list of persons on whom new restrictive measures can be introduced threatens sanctions against legal entities and individuals.
Justified the trust
When the sale of the second tranche of Kalashnikov shares was discussed, the question "to whom?" Did not stand, RBC said in the state corporation. "Krivoruchko showed himself to be a professional businessman, a responsible and reliable partner," Sergei Chemezov, the general director of the concern, described. The state corporation noted that four years ago the asset in terms of one share was cheaper almost twice, the practice of public-private partnership gave a positive result.
The sale of a controlling stake to Alexei Krivoruchko says that he enjoys the absolute trust of Rosteha, believes Roman Tkachuk, a senior analyst at Alpari. "He is ready to impose personal sanctions against himself in connection with the activities of the concern, which was feared by Bokarev and Makhmudov," Tkachuk noted.
The redistribution of Kalashnikov shares in favor of private individuals occurred gradually over a period of several years, said Mikhail Degtyarev, editor-in-chief of Kalashnikov magazine, in a conversation with RBC. "This means that Krivoruchko has justified Chemezov's confidence and can take on the responsibility Rostek is counting on," the expert believes. Degtyarev noted that by increasing the private stake in the concern, the state is changing the form of financing, primarily the direction of developments - tactical, strategic and promising. "This direction requires real investments and real results," RBC's interlocutor summed up.
Commenting on the deal, Sergey Chemezov also noted that "Rostezh" expects from the investor "further actions that contribute to the growth of the company." The press service of the state corporation stresses that Rostekh is not so much interested in the transaction itself and in the proceeds from the sale of the block of shares as the prospects that such partnership opens - modernization of facilities, development of new productions and types of products, as well as revenue growth and profitability of the company .
Multiprofile Alexey Krivoruchko
Alexei Krivoruchko 43 years old, he was born in Stavropol. He received his first higher education in the Institute of Management, Economics, Law and Informatics with a degree in law. The second higher education is in the Russian Academy of Civil Service, specializing in "public administration", RBC was told by the press service of the Kalashnikov concern.
In 1999-2001 he worked at the Rostov Civil Aviation Plant No. 412 as deputy general director, general director. In 2004, he became an advisor to the deputy general director for logistics in Aeroflot-Russian Airlines. In 2006, he held the position of chief expert, consultant of the department of regional and offset programs at Rosoboronexport.
In 2006 he joined AvtoVAZ as Deputy General Director for Sales and Maintenance. He left the company in 2009 as a senior vice president of sales and marketing.
From 2010 to the present, Krivoruchko is the general director of Aeroexpress. Since 2014, in parallel, he holds the post of general director of Kalashnikov.
In November 2017, as RBC wrote, Rostek began searching for a private investor for the High Precision Complex holding, intending to sell a 49% stake in the holding (or 24,073,945 registered ordinary shares). The possibility of a phased sale of the package is being considered, RBC Chemezov said. Sources RBC noted that the main bidder for the purchase of "High-precision complexes" is businessman Andrei Bokarev. The cost of the transaction may amount to about 80 billion rubles., Estimated the interlocutors of RBC.
At the same time, the High Precision Complexes, like Kalashnikov, was included in the October list of the US, published in accordance with the CAATSA law.