December 16, 2013 17:06
Gazprombank values stake in Sogaz at 9.6 bln rubles
MOSCOW. Dec 16 (Interfax) - The 19.04% Gazprombank (MOEX: GZPR) stake in insurer Sogaz (MOEX: SOGP) is valued at 9.58 billion rubles.
Gazprombank said in its report to International Financial Reporting Standards that the stake was valued in the third quarter.
Based on that, Sogaz is valued at just over 50 billion rubles.
"A positive revaluation of our stake is linked to the significant growth of the Sogaz business in the last two years. In addition, the bank obtained major dividends from Sogaz in the second quarter - around 1 billion rubles, five times as much as in previous years," Gazprombank management board member and first deputy vice president Yekaterina Trofimova told Interfax.
"As a result the bank reviewed the fair value of its investment in Sogaz in accordance with IFRS. The valuation is conservative and at the lower end of the possible range," she added.
Rossiya Bank subsidiary LLC Abros is the majority shareholder of Sogaz. Gennady Timchenko's Kordeks owns 12.5% and Mikhail Shelemov's Aktsept has 12.47%. These three shareholders, according to the Gazprombank valuation, have stakes worth 25.7 billion, 6.3 billion and 6.28 billion rubles.
Sogaz projects premiums of $2.7 billion in 2013. The company paid shareholders 5.5 billion rubles in dividends in 2012, a record for the industry.
(Our editorial staff can be reached at firstname.lastname@example.org)
April 21, 2014
Russia political and economic calendar: April 21
April 20, 2014
Turchynov: Geneva talks first step towards peace
Five Caspian foreign ministers to gather in Moscow
Corrected: Lukashenko pledges commitment to peace in Ukraine
Lukashenko pledges commitment to peace in Ukraine
Over 11,000 servicemen to take part in May 9 parade in Moscow
Kyiv urges Moscow to assist implementation of Geneva accords
Wildfires serious risk to Primorye national parks
Contradictory reports arriving on casualties in Kazakhstan rail accident
Three killed, three others wounded in skirmish in Slovyansk - police
Kyiv disregards Geneva accords - Donbass Self Defense leader
Kremlin aide calls The Times' article on possible sanctions against Putin canard
Donbass self-defense reports nighttime shooting at five roadblocks in Sloviansk