08 July 2013, 14:30 / Real estate

Krasnaya Polyana plans to raise 22 billion rubles. due to additional issue

VEB insists on issuing new securities: the construction of Olympic facilities can be partially financed by money from shareholders Maria Dranishnikova

A. Makhonin / Vedomosti

The Krasnaya Polyana company, which is building the Gornaya Karusel sports and tourist complex, announced the placement price of additional shares at 755,375 per share. In total, the company plans to place 29,109 new shares by public subscription. Thus, it can attract almost 22 billion rubles.

Now the largest shareholders of Krasnaya Polyana are Sberbank structures, which own 50.03% of the company, as well as the president of RussNeft, Mikhail Gutseriev. At the beginning of June, the FAS granted the request of the SVK Holding company (a structure of Sberbank) to acquire 29,109 voting shares of the company, which corresponds to 89.43% of its authorized capital. Companies controlled by Sberbank are going to spend 11 billion rubles to buy out the additional issue of Krasnaya Polyana OJSC, the Prime agency previously reported, citing Stanislav Kuznetsov, deputy chairman of the board of the state bank. Based on this, Sberbank can maintain its stake in Krasnaya Polyana.

The preemptive right for existing shareholders is valid until July 18, according to Krasnaya Polyana’s disclosure.

The additional issue became necessary due to VEB’s demand for partial financing of the construction of Olympic facilities at the expense of shareholders’ money, a Sberbank representative said earlier. Earlier, Vedomosti sources said that Krasnaya Polyana and VEB are financing construction in a ratio of 30 to 70%. In total, VEB, according to its representative, provided loans worth 220 billion rubles for the construction of Olympic facilities.

Krasnaya Polyana is building the Gornaya Karusel ski complex in Sochi. The complex includes the Gorki-Gorod project, which also involves the construction of apartments, private houses and hotels. During the Olympics, the Olympic Media Village and an auxiliary media center will be located in Gorki Gorod. The cost of the “Mountain Carousel” is more than 70 billion rubles, of which 52 billion is a credit line from VEB, said several people close to Sberbank.

Initially, Krasnaya Polyana belonged to Akhmed Bilalov, who bought the ski complex project from Northgas owner Farhad Akhmedov for $15 million in 2006. Formally, the company was controlled by the structures of Akhmed Bilalov’s brother Magomed. In 2009, 25.01% of the company’s shares were received by Sberbank Capital, which purchased the entire additional issue of Krasnaya Polyana. In 2012, Sberbank increased its share to a controlling share, and 42% remained with the Bilalovs. But in February 2013, after an inspection of the Olympic facilities by President Vladimir Putin, Bilalov was removed from all positions (he was the chairman of the board of directors of the state-owned company North Caucasus Resorts and vice-president of the Russian Olympic Committee). The President was dissatisfied that the deadline for the completion of the ski jump in Krasnaya Polyana was postponed from June 2011 to July 2013, and the construction budget increased from 1.2 billion to 8 billion rubles. And already in March it became known that Gutseriev bought Bilalov’s share in the project for $20 million.