The Federal Agency for State Property Management of the Russian Federation ("Rosimushchestvo") has begun preparations for the sale of a 23.76% stake in Aeroflot, announcing the selection of a deal organizer. This was reported by UNN with reference to the Foreign Intelligence Service of Ukraine.
Details
As noted by the intelligence service, despite official statements about the development of the financial market and the attraction of capital through exchange mechanisms, the deal demonstrates the financial problems of the Russian economy. After the sale, the state will retain control over the carrier, but its stake will decrease from 73.8% to about 50%.
The situation is also complicated by the fact that the block of shares may be sold at a significant loss to the budget. In 2020, the Ministry of Finance of the Russian Federation purchased these securities using funds from the National Wealth Fund at $0.84 per share, while the current market value is about $0.66. Under such conditions, the sale of over 944 million shares could result in approximately $170 million in losses for Russia.
Due to international sanctions, Russian airlines are facing a shortage of spare parts, an aging aircraft fleet, and rising maintenance costs. This significantly limits the pool of potential investors and reduces the attractiveness of the asset. According to expert estimates, the main contenders for the stake could be Russian state banks, business groups close to the authorities, or investors from the Middle East and Asia, which indicates Moscow's limited ability to attract broad international capital,
Recall
In Russian regions, an intensification of systemic utility collapse is being recorded against the backdrop of worn-out infrastructure and chronic underfunding. In a number of cities, accidents on the networks lead to water, heat, and power outages, while the housing stock and utility systems continue to decline rapidly.