The head of the board of directors of NLMK Vladimir Lisin (No. 8 in the ranking of the 200 richest Russians according to Forbes , fortune - $14.1 billion) can sell up to 30% of the shares of his shipping holding Volgo-Balt Transport Holding (VBTH) to minority shareholders Rishat Bagautdinov and Vladimir Kasyanenko, who now control 20%, the Kommersant newspaper wrote on Monday, citing two sources familiar with the progress of the negotiations.

A source close to the minority shareholders said that the parties have been negotiating since the spring. Another interlocutor of the publication noted that the increase in the package of Bagautdinov and Kasyanenko will most likely take place in several stages. The desire of minority shareholders to increase their stake is a “positive signal,” “which means the company is developing in the right direction,” noted a source close to Lisin. VBTH declined to comment.

The newspaper's interlocutors did not disclose the estimated amount of the transaction. Vladimir Lisin acquired 80% of VBTH in 2008 from Rishat Bagautdinov, Vladimir Kasyanenko and Viktor Olersky, who is now the Deputy Minister of Transport. The transaction amount was $180 million, that is, the entire holding was valued at $225 million. After the purchase, Lisin began a large-scale fleet renewal program. Taking this into account, according to market participants, the cost of VBTH could exceed $300 million, and the purchase of 30% of the shares would cost at least $100 million. But the deal could also be on non-market conditions, since the parties are partners, the source noted.

VBTH unites the shipping and shipbuilding assets of Vladimir Lisin: Volga and North-Western Shipping Companies, V.F. Tanker, Okskaya Shipyard, Memory of the Paris Commune plant, Vodokhod passenger company and a number of other companies. The volume of cargo transportation in 2012 was about 15.5 million tons. Consolidated figures are not disclosed. The revenue of the Volga Shipping Company in 2012 was 4.79 billion rubles, net profit was 708 million rubles. The North-Western Shipping Company's revenue is 4.07 billion rubles, net profit is 49.4 million rubles. V.F. Tanker's revenue is 3.3 billion rubles, net profit is 722 million rubles.

Lisin can sell up to 30% of VBTH shares to minority shareholders