Tomorrow the Board of Directors of OAO "Rosnano" plans to consider the participation of state companies in a project to build a magnesium plant in the Sverdlovsk region. "Rosnano" may become the owner of up to 66% stake in implementing the project of JSC "Russian Magnesium", spending on it to 2.65 billion rubles. In the future to finance the project can be brought EBV. The participation of such investors will finally realize the ambitious plans to build a plant with a production of magnesium in 10% of the global market.
A source familiar with the agenda of the meeting scheduled for Tuesday Board of Directors "Rosnano", state company directors proposes to approve a deal to buy up to 66% of the company "Russian magnesium" in the amount to 2.65 billion rubles. If the council approves the participation of "Rosnano" in the project, the transaction will be submitted for approval by the shareholders' meeting state-owned company, explained.
According to one of them, in the event of an occurrence of "Rosnano" to the charter capital of the "Russian magnesium" to finance the project will join VEB, the parties conclude an agreement on investment, and the company will be re-registered out of a company. This is to co-owners have pre-emptive right to purchase shares of partners, says a source. In addition, he says, "Rosnano" wants to negotiate with other shareholders the right to join the transaction for the sale of shares of "Russian magnesium" to third parties.
JSC "Russian magnesium" was established in 2004. The company plans to build in the city of Asbest Sverdlovsk region a new plant for magnesium production with an estimated annual capacity of 70 tons of magnesium (the first phase - 22 thousand tons). Start of construction of the plant was postponed several times, the latest planned date - the end of 2011. Co-owners - the Swiss Minmet Financing (50% plus 1 share), the administration of the Sverdlovsk region (25% plus 1 share) and JSC "Uralasbest" (25% minus 2 shares).
One source said that "Rosnano" buy back shares of additional issue, but could not explain how the share will change the existing co-owners. Representatives of "Rosnano", "Russian magnesium", Minmet and "Uralasbest" no comment on the situation. In April, Minister of Industry and Science of the Sverdlovsk region, Alexander Petrov said that "Rosnano" gets a majority of "Russian magnesium" in exchange for the investment of 6 billion rubles., With its shares will reduce all shareholders of the company. Mr. Petrov estimated total required investment in the project at 16 billion rubles. and said that in future it will include the VEB, who will share "Rosnano" controlling interest "Russian magnesium." Representatives of the VEB said that they "this project is known," but declined to discuss details. Source close to the bank, however, said no decision on the financing of the "Russian magnesium" is still pending.
The Ministry of Industry and Science of the Sverdlovsk region "b" said the details of the deal with "Rosnano" will be known after the Ural international exhibition and forum of industry and innovation "Innoprom-2011" which will end July 17. During the event, the Sverdlovsk region delegation to visit "Rosnano" which will discuss the issue of acquisition of the "Russian Magnesium" with Alexander Petrov.
According to the analyst of the management company "TKB BNP Paribas Investment Partners" by Alexander Litvin, when "Russian magnesium" is implementing a project, it "would be a significant player in the market of magnesium," with production in 10% of the world. Oleg St. Peter and Paul from BCS believes that "the plant has good prospects in the light of the defense industry in the country." Currently, the main consumers of magnesium are defense, aircraft industry and automobile companies, with 80% of magnesium in the world are made in China, and almost everything else - in the U.S., Israel, Brazil and Russia. Russian companies in 2010 produced about 30 tons of magnesium, of which more than half - of "Solikamsk magnesium plant." Magnesium consumption in Russia is estimated at 40-45 thousand tons per year. Industry and Trade Ministry forecasts increase of this indicator in 2020 to 75-80 tons.
A source familiar with the agenda of the meeting scheduled for Tuesday Board of Directors "Rosnano", state company directors proposes to approve a deal to buy up to 66% of the company "Russian magnesium" in the amount to 2.65 billion rubles. If the council approves the participation of "Rosnano" in the project, the transaction will be submitted for approval by the shareholders' meeting state-owned company, explained.
According to one of them, in the event of an occurrence of "Rosnano" to the charter capital of the "Russian magnesium" to finance the project will join VEB, the parties conclude an agreement on investment, and the company will be re-registered out of a company. This is to co-owners have pre-emptive right to purchase shares of partners, says a source. In addition, he says, "Rosnano" wants to negotiate with other shareholders the right to join the transaction for the sale of shares of "Russian magnesium" to third parties.
JSC "Russian magnesium" was established in 2004. The company plans to build in the city of Asbest Sverdlovsk region a new plant for magnesium production with an estimated annual capacity of 70 tons of magnesium (the first phase - 22 thousand tons). Start of construction of the plant was postponed several times, the latest planned date - the end of 2011. Co-owners - the Swiss Minmet Financing (50% plus 1 share), the administration of the Sverdlovsk region (25% plus 1 share) and JSC "Uralasbest" (25% minus 2 shares).
One source said that "Rosnano" buy back shares of additional issue, but could not explain how the share will change the existing co-owners. Representatives of "Rosnano", "Russian magnesium", Minmet and "Uralasbest" no comment on the situation. In April, Minister of Industry and Science of the Sverdlovsk region, Alexander Petrov said that "Rosnano" gets a majority of "Russian magnesium" in exchange for the investment of 6 billion rubles., With its shares will reduce all shareholders of the company. Mr. Petrov estimated total required investment in the project at 16 billion rubles. and said that in future it will include the VEB, who will share "Rosnano" controlling interest "Russian magnesium." Representatives of the VEB said that they "this project is known," but declined to discuss details. Source close to the bank, however, said no decision on the financing of the "Russian magnesium" is still pending.
The Ministry of Industry and Science of the Sverdlovsk region "b" said the details of the deal with "Rosnano" will be known after the Ural international exhibition and forum of industry and innovation "Innoprom-2011" which will end July 17. During the event, the Sverdlovsk region delegation to visit "Rosnano" which will discuss the issue of acquisition of the "Russian Magnesium" with Alexander Petrov.
According to the analyst of the management company "TKB BNP Paribas Investment Partners" by Alexander Litvin, when "Russian magnesium" is implementing a project, it "would be a significant player in the market of magnesium," with production in 10% of the world. Oleg St. Peter and Paul from BCS believes that "the plant has good prospects in the light of the defense industry in the country." Currently, the main consumers of magnesium are defense, aircraft industry and automobile companies, with 80% of magnesium in the world are made in China, and almost everything else - in the U.S., Israel, Brazil and Russia. Russian companies in 2010 produced about 30 tons of magnesium, of which more than half - of "Solikamsk magnesium plant." Magnesium consumption in Russia is estimated at 40-45 thousand tons per year. Industry and Trade Ministry forecasts increase of this indicator in 2020 to 75-80 tons.
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