Despite the problems with the execution of obligations on ruble bonds, FESCO continues to consolidate the shares of the railway operator "Russian troika". The group closed the buyout of 25% minus one share of the company from NPF Blagosostoyanie, consolidating 75% minus one share. A blocking stake of the "Russian troika" remains with JSC Russian Railways, its monopoly intended to auction it. But FESCO is reminded that they have a preemptive right of redemption.
Transport group FESCO (part of the "Sum" group arrested in late March Ziyavudin Magomedov) closed the deal to acquire 25% minus one share of the railway operator "Russian troika," Interfax reported. The package was purchased from a close JSC RZhD NPF "Blagosostoyanie", the amount of the deal is not disclosed. The source of Kommersant, who is familiar with the preparation of the deal, says that FESCO used its own funds from the sale of non-core assets for purchase. Earlier, in 2016, FESCO reported that it was seeking to increase the share of the rail container transportation market by increasing the fleet of fitting platforms, while the other rolling stock (with the exception of covered wagons) as non-core in the coming years would either be leased or exchanged for fitting platforms .
According to Infoline-Analytics, the Russkaya Troika owns 1.6 thousand fitting platforms that are in the control of Transgarant TC, a part of FESCO. According to SPARC, the revenue of the "Russian troika" in 2016 amounted to 906 million rubles., Net profit of 23 million rubles.
As a result of closing the deal, FESCO owns 75% minus one share of the operator. The group is reminded that they are interested in the consolidation of 100% of the "Russian troika", "since this is in line with the strategy of developing a key business segment - container transportation, and will also improve asset management by using operator platforms directly in our services." A blocking package of the railway operator is now owned by Russian Railways. In January, the FAS approved the petition of the parent company FESCO - PJSC "Far Eastern Shipping Company" (FESCO) to purchase another 50% of the voting shares of the "Russian troika". As reported in FESCO, plans to purchase a package of Russian Railways are "unchanged." "We will look at the results of the monopoly auction and the final cost for which they will be ready to sell their package. We do not participate in the auction, we have a preferential right to purchase the package, "the company explained.
In February, the corporate publication of Russian Railways reported that the monopoly plans to sell its stake in the railway operator as an "unprofitable asset". At the same time, the edition did not exclude that the closing of the deal could last until March 2019. Now JSC RZD declined to comment.
At the same time, FESCO is experiencing problems with the fulfillment of obligations on securities since the spring of 2016. The most significant part of the problems - with the Eurobond technical defolation for $ 655 million - was decided by FESCO in late 2017, refinancing the debt with the help of VTB loan for $ 680 million. The group also defaulted on ruble bonds BO-01 and BO-02. As FESCO head Alexander Isurin said in mid-April, the group plans to pay coupons and redeem bonds BO-01 until the middle of the year. At the beginning of the week, Promsvyazbank announced its intention to file a petition with the Arbitration Court to declare FESCO a bankrupt due to its insolvency. But, as stressed in the company, the bank is not a holder of FESCO bonds, in connection with which the initiative to file an application "has no legal basis." Previously, a lawsuit about bankruptcy in connection with the default on BO-02 threatened FESCO MC "Arsager". In FESCO, it was noted that the FKM's insolvency applications "are provocative", as FESCO's net assets amount to 17.9 billion rubles, which is incommensurate with the amount of Arsager's claims of 2.7 million rubles.