Arrested billionaire Magomedov became rich after selling NCSP shares

After the announcement of the deal, the quotes of the port jumped sharply, and the state of the businessman in the SIZO returned to the $ 1 billion mark again.
10.10.2018
Forbes
Origin source
Ziyavudin Magomedov's Summa group (together with his brother Magomed was arrested at the end of March, both are now in jail) sold 25% of the Novorossiysk Commercial Sea Port (NCSP) to Transneft. This allowed state-owned companies to increase their share to 60.62%.

The deal amounted to $ 750 million, which is 63% higher than the market price (at the close of the Moscow Exchange on October 8, this package cost about $ 460 million). In "Transneft" assured that the financing in the amount of $ 750 million was made at the expense of borrowed funds and will not affect the increase in the total debt burden.

“Most likely, an increase in Transneft’s share in the port’s authorized capital of up to 60% will have a positive impact on the company's valuation in the eyes of investors, since the risk associated with arresting the previous shareholder is gone,” said analyst at Freedom Investment Company Valery Bezuglov. Also, in his opinion, the company will return to the payment of dividends: by the end of 2017, dividends were canceled due to a court case. “The annual dividend yield is above 10% and the removal of shareholder risk will lead to a revaluation of the company's value and an increase in quotations on the horizon of 12 months to the target mark of 8.5 rubles per share,” the expert believes. Now one share costs about 7 rubles.

Magomedov, then still at large, entered the Forbes global rating with a fortune of $ 1.2 billion. After his arrest, it systematically decreased, but the deal with Transneft allowed him to return to the $ 1 billion mark.

Co-owner of NCSP Summa became in 2010, having bought out a stake from Alexander Ponomarenko, Alexander Skorobogatko and Arkady Rotenberg. Relations between the largest shareholders of the port, Transneft and Summa, were not easy. In particular, the state-owned company claimed that the Magomedovs company ignored its interests (after that, representatives of Transneft were introduced to the board of directors). After that, it was repeatedly reported that one of the parties to the conflict would sell its stake, but the shareholders could not agree on a price.

Earlier this year, Summa announced that they had received a “good offer” from Transneft, and in February the Federal Anti-Monopoly Service approved Transneft’s motion to buy out the group’s stake.

In March 2018, Ziyavudin Magomedov and his brother were arrested on suspicion of embezzling 2.5 billion rubles (including during the construction of the Arena Baltica stadium, Khrabrovo airport in Kaliningrad and the alluvium plot of 16 hectares near Krestovsky Island in St. Petersburg) and fraud and organization of the criminal community. Both of them deny their guilt. In a criminal case, accounts and assets of 36 companies, their bank accounts and property were arrested. Go

Novorossiysk Commercial Sea Port (NCSP) is the largest port operator in Europe and the third largest in Europe in terms of cargo turnover. NCSP Group owns the ports of Novorossiysk on the Black Sea, Primorsk on the Baltic Sea and the port of Baltiysk on the Baltic Bay. The co-owners of NCSP, in addition to Transneft, are Rosimushchestvo (20% of shares), another 10.5% of the port is monitored by the monopoly independently through Transneft Service, the Russian Railways OJSC controls 5.3%, and the rest are owned by minority shareholders and in free circulation.

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