Have gone on rapprochement
the State can agree with “ System “ in MGTS
Rosimushchestvo declared yesterday the new tender for an estimation of a share of the state holding share sale “ Svyazinvest “ in MGTS. The state intends to spend 4 million rbl. for definition of fair cost of 23,3 % of actions of MGTS which intend to buy “ System a Telecom “. As a result the company estimation can grow on 100 million dollars Itself “ System “ time and again declared that it is not ready to get this package at the price above exchange, however branch analysts are assured that the parties already about something have agreed.
the federal agency on management of federal property (FAUFI) declared yesterday competition for works according to market cost 23 - the percentage package of MGTS belonging “ to Svyazinvest “. The initial price of the contract - 4 million rbl. Work should be made for 30 days.
The Previous estimation of cost of a package has been named by the state by underestimated. In June of this year company KPMG has spent an estimation of 28 % of actions of MGTS belonging “ to Svyazinvest “ (later a share “ Svyazinvest “ in MGTS about 23,3 %) have been washed away, and has transferred results in Rosimushchestvo. MGTS actions have been estimated in 518 rbl. for a piece. Rosimushchestvo has considered a package estimation “ Svyazinvest “ made KPMG, incorrect as in report KPMG cost of superfluous basic means of MGTS, including objects of real estate has not been considered. Rosimushchestvo has recommended KPMG to correct an estimation and to present a new variant to department. However now became obvious that estimation KPMG will not use at all. daily it was not possible to contact representatives of Rosimushchestva, and in a press - to service KPMG have declared that do not make comments on a situation.
“ system a Telecom “ Initially insisted on that the package price was defined by MGTS stock value at a stock exchange (now, proceeding from MGTS stock quotes on RTS, package cost would make 416 million dollars) . “ System a Telecom “ already did the offer under the repayment of actions of MGTS - in March of this year and in December, 2005 twice. “ Svyazinvest “ did not participate neither in the first, nor in the second offer from - that the state did not give on it the permission. As a result a management “ Systems “ has refused idea to get a share “ Svyazinvest “ such way. At a meeting with journalists head “ Systems a Telecom “ Sergey ShChebetov has declared that “ System “ is not going to do the third offer and will wait “ a signal from the state “ about readiness to sell a package. In October of this year head Mininformsvjazi Leonid Rejman has given such signal.
the minister has declared that “ Svyazinvest “ can sell belonging to it 28 - a percentage share holding of Open Society “ the Moscow city telephone system “ within the limits of the two-way deal, instead of under the offer.
analyst IK “ ATON “ The hope of Golubeva considers that the announcement of the new tender for calculation of cost of a package “ Svyazinvest “ in MGTS can testify that the state at last could come to any preliminary agreement with “ System a Telecom “. “ Head “ Comstar - OTS “ Eric Frank last Friday, addressing to conferences in Barcelona, has told that the company is close to the transaction conclusion on package purchase in MGTS, - has reminded an analyst. - if the given transaction will take place, it becomes considerable positive event for “ Comstar - OTS “ as MGTS represents the largest and most valuable active “ Comstar - OTS “. However the size of growth of cost “ Comstar - OTS “ depends on the package price. The order for an estimation says that “ Comstar - OTS “ probably, it is necessary to lay out more than 420 million in which last time have estimated a package. Then officials have expressed opinion that the presented estimation is underestimated. By our calculations, fair cost of this package - 520 million dollars “
However, it is not excluded that Eric Frank`s expectations cannot come true. “ we consider that market price of actions of MGTS is quite adequate, - the analyst " has explained; Three Dialogue “ Andrey Bogdanov. - Anyway it was possible to find a variant of sale of a package “ Svyazinvest “ in MGTS, without wasting time on carrying out of a new estimation. The impression is made that the state in general wants to sell this active, but anybody from officials does not wish to incur responsibility, various occasions therefore are invented to drag out this process “.
Analyst IK “ finam “ Vladislav Kochetkov is assured that transaction cost will depend finally on arrangements between “ System “ and the state, and the estimation has more likely formal character. “ The fair price - very abstract concept, - speaks it, - the sum can change on some tens percent from - for accepted by the appraiser of assumptions. The stock quote also at desire can be manipulated. As a result, most likely, cost of a package of MGTS will be defined kuluarno. The independent appraiser only will fix arrangements if, of course, they are reached “.