Sberbank SPO set for next week after long postponement
Sberbank, Russia’s no. 1 state bank, will launch a long-postponed Second Public Offering (SPO) of a 7.58-percent stake in the next two weeks, part of the 57.58-percent stake held by the Russian Central Bank, Russian daily Kommersant announced on Tuesday Sept. 11, 2012.
The SPO has been repeatedly postponed due to poor market conditions since it was first announced in September 2011. Bank sources now say the time is ripe for sale as thanks to the ECB decision to buy up Eurobonds, markets are strong this week.
“Sberbank top-management started negotiations with investors to launch the SPO on Friday next week. All the paper-work is ready,” a source from the bank told Kommersant.
According to the source, the books could open on Friday after 18:00 Moscow time. Sberbank representatives did not comment on this information.
The 7.58-per cent stake is valued at USD 4.6 bln, and Sberbank officials hope to sell to international investors, business weekly Business New Europe analysts wrote on Tuesday.
In January 2012 the Central Bank announced share price for the SPO would be RUB 100 per share. On Tuesday Sept. 11, 2012 Sberbank share price stood at RUB 94.94 on closing of the Moscow bourse, rising 0.6-percent over the course of the day.
Business New Europe analysts predict the sale will mean the Kremlin has re-started its 2011-2013 privatization program, which was put on hold due to poor market conditions.
