Non-state pension funds (APF) Boris Mints, who are part of the financial group "Future", will soon be replaced by the owner. The group will be taken over by Cyprus Riverstretch Trading & Investments (RT & I), it will be announced in the near future, two people who were close to one of the parties to the deal told the "Vedomosti" (it is now agreed by the Central Bank, says one of them) O1 Group of Mintz.
This is part of the Mintsev debt recovery process, explains their creditor: this is an interim stage, RT & I will receive these assets and then decide what to do with them. This is a technical deal, there is no final decision on the fate of the APF, a person close to one of the parties to the deal confirms.
A representative of the Central Bank did not respond to the request, the FAS press service reported that RT & I had not applied to the service for the acquisition of the Future group.
O1 Group Mintz was due 25 billion rubles. Moscow credit bank, but he transferred the loan to his shareholder - the Rossium concern Roman Avdeev, who hired RT & I. She can get a mortgage on the loan - 75% plus 1 share of FG Future, as well as 62.5% of O1 Properties, one of the largest owners of Moscow real estate. O1 Group has already begun consolidating its stakes in O1 Properties to settle the dispute with the lender.
Consolidated and FG "Future": its shareholder - Cyprian Milanissa bought 12.7% of its shares (who is not disclosed) and increased its share to 88.3%. The shares of the group are traded on the Moscow stock exchange: the company's capitalization is 9.9 billion rubles. at the close of trading on August 14.
Owners of RT & I are not known, but market participants said that it operates in the interests of Rosneft and the Region group.
Together with FG "Future" of RT & I, four APFs will go: Future (300 billion rubles of pension savings), Education, Telecom-Union and Social Development (13.4 billion rubles for three). The accumulations of all funds are managed, including the Region Trust, from the Region group.
FG "Future" in 2017 received 16.4 billion rubles. net loss, according to IFRS. If one assumes that the funds of the Future are a toxic asset that requires treatment, then a hole in the balance of funds can be closed only through the purchase of bad assets, says CEO of the consulting company Pension Partner Sergei Okolesnov. The question is who exactly will buy them, he continues: "It's unlikely that RT & I will want to do this at their own expense, maybe the company will ask to buy back the bad assets of the former owner of the fund or ask for help from the state."
The new owner will have to work to improve the quality of assets of the funds, agrees the director for corporate ratings "Expert RA" Pavel Mitrofanov. If there are many distressed assets, it is unlikely to solve problems at the expense of investment income, he doubts: "Without replacing assets with better quality ... and they will have to create capital."
Union with the funds of "Neftegarant" looks logical, but only if the funds of the "Future" will be healthy, Okolesnov argues, otherwise the burden of support will lie on the healthy funds of "Neftegarant". Theoretically, RT & I can try to sell funds to the market, he continues. "It will be easier for them to find a buyer than, for example, FC Otkritie, which also announced its intention to sell its combined APF," says Okolesnov. To sell an asset to the market under current conditions will be problematic, Mitrofanov believes: "There is still no clear concept of the IPC, so it is unlikely that anyone will decide to buy a large fund, albeit refined."
Representatives of Rossium, O1 Group, FG Future did not respond to requests. Get comments from RT & I failed. Chairman of the Board of Directors FG "Future" Dmitry Mints (son of Boris Mints) declined to comment.