Russia to Sell Stakes in Four Shippers Starting From $40M

OAO Russian Auction House, partly owned by state-owned OAO Sberbank, the nation’s biggest lender, is seeking to raise 2.35 billion rubles ($74 million) by selling stakes in six companies.

The St. Petersburg-based auction organizer plans to offer a 25.5 percent state holding in OAO Murmansk Shipping with a starting price of 700 million rubles, according to a presentation obtained by Bloomberg. Minority shares in its two subsidiaries, OAO Northern Shipping and OAO Northern River Shipping, will start at 80 million rubles, while a stake in OAO Amurskoye Shipping will begin at 270 million rubles. Stakes in OAO Ulyanovsk Automobile Plant and OAO Anapa Airport will also be offered for sale, according to the presentation.

Murmansk Shipping and its subsidiaries control about 80 percent of all cargo transfers on the North Sea, Russia’s main water route to supply the northern part of the country and to export the region’s raw materials, according to the Auction House presentation.

The government may miss out on 360 billion rubles of revenue from state-asset sales this year from the total 427 billion rubles planned in the budget, Finance Minister Anton Siluanov said to reporters in Moscow on May 22.

The sales organizer agreed with the Russian State Property Committee on Feb. 18 to sell stakes in 36 companies, Auction House Director Andrei Stepanenko said in an interview on Feb. 22. The company plans to raise at least 5 billion rubles in asset sales this year, he said.

The starting price for Ulyanovsk Automobile Plant is 1 billion rubles. OAO Sollers controls the Russian producer of off-road vehicles and a supplier to the army and police.

The company’s board hasn’t considered participating in the sale because it hasn’t seen an official announcement, Deputy Chief Executive Officer Zoya Kaika said by phone today.

Russian Auction House also plans to sell a minority stake in Anapa Airport, which services the southern Black Sea resort and is controlled by Basel Aero, a unit of billionaire Oleg Deripaska’s holding company. The starting price is 99.2 million rubles. Basel’s press-service declined to comment.