Russian Government Says Yes to State Funding of Bronka Access Channel

On 26 November 2012, Russian Prime Minister Dmitry Medvedev signed a decree "On Amendments to the Federal Target Program "Modernization of Transport System of Russia. Sea Transport.” The changes include the obligation of the state to finance the building of the access channel to the St. Petersburg-based sea port Bronka now under construction. The construction is scheduled to begin in 2013.

The outer harbor Bronka project is being implemented through the public-private partnerships. The government invests in the access channel, while private investors are funding the building of piers and terminals. Overall, private investment in the project will total RUB 43.7bn by the time the terminal is commissioned. The volume of federal investment is projected to be RUB 15.2 billion. 

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75% stake in Freight One to be sold on auction this year

Today, Kommersant reported preliminary terms for the sale of 75% of Freight One (100% owned by Russian Railways), subject to approval by Russian Railways' board of directors on 19 April.

Newspaper reported that the discussed stake of 75% in Freight One is to be sold through an auction. The preliminary valuation for the 75% stake is $4.5 billion, translating into $6 billion for 100% of equity and similar EV based on net debt of $24 million, as of end-2009. This is equivalent to a 2011E EV/EBITDA of 7-8, by our estimates – in line with Globaltrans current 7.7. 

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