Named owner of Domodedovo airport

On the background of the opaque structure of the state claims ownership of the country's largest airport, Domodedovo, first unveiled the final beneficiary. The sole owner of the Cyprus offshore DME Limited, which owns the capital's airport is Dmitriy Mason, who heads the board of directors of the airport. "At the moment, Dmitriy Mason is the ultimate beneficiary of 100% stake in the company" – said in her message on the London Stock Exchange. Until now, market participants believed that Mason owns the airport, along with Valery Kogan, who heads the supervisory board of directors. Dissatisfaction with opaque ownership structure of Domodedovo has repeatedly expressed by Russian officials. After the terrorist attack in January 2011 at Domodedovo, Russian President Dmitry Medvedev, launched a test airport Genprokuratoroy. In late April, following an audit regulator found that the airport control foreign offshore companies that conceal the real owners. In the General Prosecutor's Office considered this situation unacceptable, because the airport has strategic importance for defense and security of Russia. The regulator even suggested that the Ministry of Transport to develop a bill to ban the participation of foreign persons in the management of strategic transport companies. The president lamented that "we have occasionally impossible to find even the owner of a major airport." Shortly before the announcement of the beneficiary's airport deputy prosecutor general of Russia Alexander Buksman once again raised the topic of the closed structure of Domodedovo. "We have not found the very last doll, which would help us to point out the owner of Domodedovo airport. Of course, it is an object of special importance, but today everything is arranged so that direct the airport from offshore "- he said, speaking Wednesday on the" government hour "in the Duma. Buksman added that the Prosecutor General's Office requested the president to change the procedure for certification of airports in order to make their activities more transparent. Placing property in offshore companies – is "absolutely normal practice, all of it is used, in particular, 49% of Gazprom shares are on the offshore company, said in an interview with LOOK Russian businessman, owner of National Reserve Corporation, Alexander Lebedev. According to him, many private companies go offshore in order to protect its business. Recall that in March the federal government and Moscow have agreed to merge the state's Sheremetyevo and Vnukovo in a single complex with the prospect of privatization in the future. In this case, according to unofficial information, initially discussed the idea of combining all three Moscow airports, including the private and the largest in passazhirop otok Domodedovo airport. However, in the end still chose another option. Domodedovo opened the owner in connection with an official statement about plans to hold an IPO on the London Stock Exchange. The company will place existing shares in the form of GDR (depositary receipts program), the report said. A depositary receipt represents 1 share. Global coordinator of the transaction stands Goldman Sachs International, a joint book-runners are JP Morgan Securities, Morgan Stanley, Goldman Sachs and Citigroup Global Markets. Meetings with analysts, investors, investment banks would begin on Thursday, Interfax, citing a source in the financial market, familiar with the materials from the lead managers of the transaction. Start road show (during the presentation of the company and dialogue with potential investors to attract investment) with management is scheduled for the week of May 30. Pricing Date, as the level of accommodation, yet to be determined. Rumors of a possible public offering Domodedovo cruised on the market since last autumn. In March, a source of Interfax's in banking circles said that the company has begun a road show in the U.S. for some potential investors, but specified that shareholders are still not fully decided on IPO. According to him, the airport had planned to place shares at $ 1 billion at the end of July. In the media reported the airport's financial performance, which were first published in the road show. Thus, revenues at Domodedovo airport, served in 2010, 22.3 million passengers last year totaled more than 12.8 billion rubles and net profit – 7.7 billion rubles. Experts do not rule out that the state's claim to Domodedovo to push for an IPO and publicity for protection against nationalization. Analyst at Rye, Man & Gor Sekyuritiz Ekaterina Andreyanova recalls that the company is talking about a possible IPO in 2011, last year, so everything was ready, to see the airport as a public company. "But it is possible that the state's claim to a certain extent pushed the company to ensure that open up and called the ultimate beneficiary – says Andreyanova. – On the other hand, the creation of free-float can also be regarded as a defense against hostile takeovers. Probably can not say that it was the primary idea of ​​the company, but apart from fund raising and increasing the transparency of such a factor, too, could take place. " "I would not have argued that the state wants to take away the airport, but the IPO as a defense against some hostile takeovers may well be regarded, – agrees to the head of analytical department of the UK" Ingosstrakh Investments Eugene Shago. – Still, I think, a factor attracting money is in the first place. " Shago estimates the cost of houseodedovo 4-5 billion, but believes that the company will try to place the shares more expensive. Andrianov from RMG more modest estimates the airport: a view of EBITDA of 420 million dollars in 2010, Domodedovo is estimated to be 2,5-3,5 billion dollars without any deduction for debts. Experts note several factors that may interfere with the successful IPO airport. "Risks for placement there, because it is not clear how things will behave in the state. On the one hand, Domodedovo disclosed the ownership structure and the ultimate beneficiary, on the other hand – the Moscow airport is in the hands of the Cypriot offshore than unhappy state, since the airport is an important subject from the standpoint of national security "- says Ekaterina Andreyanova. Predict how regulators behave impossible, experts said. Now in general, not the best on the market for the output of companies to IPO, sees Eugene Shago. "The market, unfortunately, is not so simple, so placed quite difficult. We see examples of how companies one after another abandon the planned IPO – this and the Chelyabinsk Pipe Rolling Plant, and Helicopters of Russia ". Maybe someone else will cancel "- does not exclude the expert. However, perhaps to the point where Domodedovo comes to placement of shares on the London Stock Exchange, "all will be not so scary, nerve-racking factors investors leave and the markets will recover," does not exclude Shago. On Wednesday it became known that planned for the summer offering of shares on the London Stock Exchange delayed as Siberian Coal Energy Company (SUEK) at least until the autumn. The reasons for the transfer of an IPO is lower liquidity in the stock market and the withdrawal of investors from commodities and emerging markets. SUEK planned to place its shares on the London Stock Exchange and a registered offshore company in Cyprus, as well as Domodedovo.