Summa eyes stake in Russia state grain trader UGC
Summa, a privately owned investment group, has expressed interest in a 50 percent minus one share stake in Russian state grain trader United Grain Co. (UGC) which the government is set to sell, the head of UGC told Reuters on Thursday.
"Summa had sent a letter to the government manifesting its interest in buying the stake and the government informed us about it," Sergei Levin said.
Summa confirmed its interest.
"Due to macroeconomic factors, the Summa group is interested in agribusiness including the United Grain Co," Summa First Vice President Alexander Vinokurov said in an e-mailed statement.
"Currently we cannot talk about a potential deal as we have no information on the date or conditions of the sale," he added.
Russia has committed to selling 100 percent of UGC by 2012 under its World Trade Organisation accession agreement.
President Dmitry Medvedev signed in early November an order authorising the government to organise within six months an additional share issue of the UGC and to sell 50 percent minus one share in the trader.
Levin said that he was not aware of any other potential buyers of the stake.
He said that UGC had appointed Deloitte and Touche to estimate the value of the company and is choosing an investment consultant.
Summa Group is involved in projects ranging from oil to telecoms and has stakes in two grain export terminals in Russia's main deep sea port of Novorossiisk. UGC controls one of the two terminals.
Summa and UGC have recently announced a plan to jointly build a new grain terminal in Russia's far east.
"Summa had sent a letter to the government manifesting its interest in buying the stake and the government informed us about it," Sergei Levin said.
Summa confirmed its interest.
"Due to macroeconomic factors, the Summa group is interested in agribusiness including the United Grain Co," Summa First Vice President Alexander Vinokurov said in an e-mailed statement.
"Currently we cannot talk about a potential deal as we have no information on the date or conditions of the sale," he added.
Russia has committed to selling 100 percent of UGC by 2012 under its World Trade Organisation accession agreement.
President Dmitry Medvedev signed in early November an order authorising the government to organise within six months an additional share issue of the UGC and to sell 50 percent minus one share in the trader.
Levin said that he was not aware of any other potential buyers of the stake.
He said that UGC had appointed Deloitte and Touche to estimate the value of the company and is choosing an investment consultant.
Summa Group is involved in projects ranging from oil to telecoms and has stakes in two grain export terminals in Russia's main deep sea port of Novorossiisk. UGC controls one of the two terminals.
Summa and UGC have recently announced a plan to jointly build a new grain terminal in Russia's far east.