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Auction on majority stake of Severnaya Verf shipyard (St. Petersburg) was declared void yesterday, on Aug 7. It is planned to hold the next auction late in Aug 2012. Reporter of managed to find out the reason why United Shipbuilding Corporation canceled acquisition of Severnaya Verf securities put up for auction.
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Auction of Severnaya Verf Shares Declared Void
08.08.2012
Cancellation of the tender was a pre-planned action, a source in United Shipbuilding Corporation (USC) told . The reason is aspiration of USC to economize considerable sum, since at the next auction starting price of the shipyard's securities will be tacitly reduced by 15 per cent which matters even for such powerful organization as state-controlled USC.
To attend the auction, USC delegated its affiliate JSC Western Shipbuilding Center (WSC). Online Fontanka.Ru reported yesterday that the reason for refusal to buy shares of Severnaya Verf in the first auction was lack of required financial assets, since WSC was only obtaining a credit to purchase shares.
"It's not the case", the USC representative told . "The problem is not obtaining a credit. By the way, several Russia's largest banks are ready to supply big credits on quite favorable terms, especially as guarantees are provided by the government. Like I said, primary target of the corporation is financial saving", said the interviewee.
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