AFK Sistema will lose two assets

We are talking about the shares of the AFC in the "Children's World" and the Bashkir Electric Grid Company.
The Russian Direct Investment Fund (RFPI) is in talks with AFK Sistema about gaining control over Detsky Mir and Bashkir Power Network Company (BESK), Reuters reported referring to the interlocutor in one of the state-owned banks - the creditors of the AFC and a source close to the " System ". AFK Sistema holds a 52% stake in Detsky Mir and 90.5% of BESK.

The parties are discussing the terms of the deal, it is not yet clear whether it will be monetary, argues the agency's interlocutor in the state bank. To answer the question why the RFPI controls these assets, it was difficult. The negotiations discussed the option in which RFPI provides Sistema financing for a share purchase and sale agreement in these companies, a source close to the AFC said.

A representative of AFK Sistema denied information about such negotiations. "The transition of control over the" Children's World "and JSC" BESK "to RFPI is not being considered," he told Vedomosti. According to him, we are talking about a loan agreement, where the shares of Detsky Mir and BESK serve as collateral.

"RFPI does not plan to acquire or somehow" formalize control "over the shares of Detsky Mir and BESK. RFPI is the organizer of financing against a pledge of these assets in the amount of 40 billion rubles. As it was stipulated in the text of the settlement agreement, "the RFPI representative told Vedomosti.

In late December, general director of the RFPI, Kirill Dmitriev, said that the fund would provide AFK Sistema with a short-term loan of 40 billion rubles. for settlement with Rosneft. The company will receive financing until June on bail of AFK-owned shares of the retailer "Detsky Mir" and JSC "BESK", specified Dmitriev.

In late December, the Arbitration Court of Bashkiria approved an amicable agreement between Rosneft and AFK Sistema on the dispute over the reorganization of Bashneft in 2013-2014. Then the main shareholder of Bashneft was Sistema, at the end of 2014 the state gained control of it, and in 2016 it sold the stake of Rosneft. Under the terms of the settlement agreement, Sistema is to pay Rosneft 100 billion rubles, reimbursing the losses incurred by Bashneft.

In total, Bashneft and Rosneft filed two suits with Sistema. The first plaintiffs sued 136 billion rubles. compensation for losses from the reorganization of Bashneft, on the second - demanded compensation in the amount of 131 billion rubles. for illegally paid dividends. A similar claim to Sistema was made by the Bashkir government, which owns 25% of Bashneft since the summer of 2015. Sistema filed a counterclaim of 330 billion rubles, claiming the oil companies' attempt to "unjustly enrich themselves" at the expense of Sistema. The amicable agreement provides for the refusal of the companies from mutual claims.