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'Gazprom' Buys Shares Of 'ArmRusgazprom' From 'Itera' At $49 Mln

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  • 'Gazprom' Buys Shares Of 'ArmRusgazprom' From 'Itera' At $49 Mln

    'GAZPROM' BUYS SHARES OF 'ARMRUSGAZPROM' FROM 'ITERA' AT $49 MLN

    ArmInfo
    2009-03-27 14:49:00

    "Gazprom" has bought 4,45% shares of "ArmRusgazprom" from "Itera"
    at $49 mln. So, the whole trader was evaluated of $1,1 bln.

    "ArmRusgazprom" reported about the transaction between "Gazprom" and
    "Itera" on Monday. "Itera" has left the trader shareholders, and the
    share of "Gazprom" increased from 75,55% to 80% shares. The parties
    do not call the transaction amount. However, the Board of Directors
    of "Gazprom" confirmed it in February at the level of $49,3 mln. It
    turns out that the whole "ArmRusgazprom" has been evaluated of about
    $1,1 bln, 'Vedomosti' newspaper says.

    According to the newspaper, the total cost of "ArmRusgazprom"
    assets is unknown. Annual sales of gas make up about 2 bln cub
    m. In 2009, "Gazprom" schedules to supply 2,5 bln cub m of gas to
    JV, the forecasted average price is $141 per 1000 cub m (the data
    from the Concern's budget adopted in December, 2008). Internal
    prices of "ArmRusgazprom" for the current year are as follows:
    about 96 000 drams ($262) for small consumers, about $215 - for
    wholesale consumers (valid from April 1). It turns out that the
    Company proceeds will not exceed $655 mln under $352 mln of expenses
    for purchase of gas. According to the calculations of the analyst of
    "Solida" Denis Borisov, "ArmRusgazprom" may cost $700-750 mln with 10%
    profitability (upon the results of 2007). This is a transaction for
    "Itera", a source close to "Itera" management says.

    "Gazprom" does not think it overpaid. Evaluation of "ArmRusgazprom"
    was made by the "Direct Investments Agency" (DIA), and the cost of
    the Company shares in its report was higher by additional 10%, the
    monopoly representative said. Further expenses of "ArmRusgazprom"
    were taken into account during evaluation based on its business-plan,
    Director of DIA Evaluation Department Aleksey Sergeyev said. However,
    neither him nor representative of "Gazprom" give the details of this
    business-plan.

    "ArmRusgazprom" CJSC is a gas trader. It owns gas distribution networks
    of Armenia, as well as deals with sale and transit of gas in the
    country. The shareholders are "Gazprom" (80%) and the government of
    Armenia (20%). The authorized capital makes up $580,8 mln. Financial
    indicators (2007): proceeds - about $354 mln, net profit - about
    $3,3 mln.
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