Business in Brief
- By Unknown
- Nov. 21 2007 00:00
Rosneft Waits on Bond Sale
Rosneft is waiting for a "window" of opportunity to sell as much as $4 billion in bonds next year, Interfax reported Tuesday, citing an unidentified banker.
Rosneft will sell $2 billion to $4 billion of bonds next year, after postponing a sale in July because the cost of borrowing jumped, the news service reported. (Bloomberg)
Court to Study Subsoil Tax
A court may rule that iron-ore miners should pay a subsoil tax based on the price of the steelmaking raw material instead of a more expensive processed form called concentrate, Vedomosti reported Tuesday, citing the draft ruling.
The Supreme Arbitration Court decision will be approved Thursday. A law may be passed next spring setting a subsoil tax for mineral extraction as a flat fee instead of the percentage of price, Vedomosti reported, citing head of the Duma's tax committee. (Bloomberg)
Alrosa Stake Sells for $360M
VTB Group will get up to 8.7 billion rubles ($357 million) for its stake in state-run diamond miner Alrosa, Alrosa said in a statement Tuesday.
VTB will transfer its 10.5 percent holding in Alrosa to the federal government in exchange for 12 percent in the Yakutalmaz diamond production complex. (Bloomberg)
Polyus License Switch Fails
Polyus Gold failed to transfer $50 million to $100 million of mining licenses to its exploration unit because of a dispute between billionaire shareholders Mikhail Prokhorov and Vladimir Potanin, Kommersant reported Tuesday.
Four directors, including three representing Potanin's Interros Holding, didn't attend a meeting Monday to vote on the exchange of the licenses for shares of the unit, the newspaper reported without citing its source. (Bloomberg)
Generator Price Seen Lower
Unified Energy System will consider lowering the minimum price for shares in TGK-9 at a Nov. 30 board meeting, Deputy Economic Development and Trade Minister Kirill Androsov said, Interfax reported Tuesday.
Viktor Vekselberg's investment holding, Integrated Energy Systems, requested the price cut as it bids to buy out other shareholders, Interfax reported. (Bloomberg)
Lenta May Sell Stocks
Lenta, the country's third-biggest food retailer, may sell shares next year to fund expansion as sales surge, chief executive Sergei Yushchenko said Tuesday.
"Next year we will be considering a private placement, an initial public offering or loans" to finance the construction of new stores, Yushchenko said. He ruled out an IPO this year.
Lenta increased revenue by 56 percent to $1.02 billion in 2006 and sees annual sales rising by about 50 percent in the next few years, Yushchenko said. (Bloomberg)
Yevroset Raises Forecast
Yevroset increased its forecast for domestic sales growth this year as disposable incomes continue to climb, co-owner and chairman Yevgeny Chichvarkin said Tuesday.
Yevroset, which accounts for about 41 percent of handset sales, forecast in July that revenue would climb 21 percent to $3.5 billion this year.
Chichvarkin reiterated that forecast and said revenue growth would be "approximately" the same in 2008. (Bloomberg)
MTS 3Q Profits Up 35%
Mobile TeleSystems posted on Tuesday a 35 percent rise in third-quarter net profit to $654.7 million, beating analysts expectations of $583.9 million.
The firm said revenues were up 23 percent from a year ago to $2.22 billion, in line with an average forecast of $2.21 billion in a poll of analysts. (Reuters)
8 Alcohol Licenses Revoked
Eight shops in Moscow have been stripped of their alcohol license this year for selling spirits to underage customers, a City Hall official said at a news conference Tuesday, Interfax reported.
Speaking at the same meeting, the head of the Solnechny Krug social movement Oleg Solovyov said that last year his organization visited 900 shops, out of which half sold alcohol to underage customers.
"Active cooperation with retailers and shop-owners has sharply reduced the incidence of such cases," he said. "In October this year, 306 shops were inspected, out of which 91 sold alcohol to underage customers." (MT)
Kazakh Bank's Income Up
ALMATY, Kazakhstan-- Kazkommertsbank, Kazakhstan's largest lender, said in a statement Tuesday that third-quarter profit surged 96 percent, boosted by increased lending.
Net income rose to 42.8 billion tenge ($354.8 million) from 21.8 billion tenge a year earlier, Kazkommertsbank said. Net interest income more than doubled to 52.4 billion tenge. (Bloomberg)