Bashneft has concluded a contract for the sale of its 50% stake in the authorized capital of LLC Financial Alliance (a professional rolling stock operator) to JSFC Sistema. The transaction was approved by Bashneft’s Board of Directors on December 20, 2012.
This transaction forms part of Bashneft’s strategy for the divestment of non-core assets, which is aimed at enhancing operational efficiency and promoting competition on the market in services provided to the Company in the sphere of railway transportation of oil and petroleum products.
The transaction value has been calculated based on the independent appraisal carried out by Ernst & Young and amounts to 3.41 billion roubles.
Bashneft acquired a stake in LLC Financial Alliance in August 2012 and transferred the railcar fleet comprising about 4,500 railcars owned by Bashneft Group to the company. Financial Alliance provides Bashneft with services in the sphere of railway transportation of oil and petroleum products on market terms.