December 16, 2013 18:47
Gazprombank values stake in Sogaz at 9.6 bln rubles (Part 2)
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.
Trofimova said the valuation did not reflect Sogaz's acquisition of the Transneft Insurance Company. Sogaz closed the purchase of the insurer for 9.396 billion rubles at the beginning of December and now owns 98.91% of the shares in what is one of the country's top 20 insurers.
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.
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