03 November 2003 17:29
RUSSIA: NIKOIL PICKS UP KOPEIKA
NIKoil Financial Corporation announced in a 23 October press release that it had completed the acquisition of a 50
percent stake in the Kopeika retail chain from oil company Yukos. Yukos announced on 16 October that it had sold 50.5
percent of Kopeika for $60 million; the remaining 0.5 percent was distributed among Kopeika's top managers. The
Kopeika retail chain consists of 40 stores (four of which are franchises), with four more under construction. According
to Kopeika President Aleksandr Samonov, the company is currently developing a five-year business plan that envisages a
stock offering in under three years and revenues of $1.5 billion by 2009, "Vremya novostei" reported on 24
October. (The chain's 2003 revenues are set to reach $270 million, according to the newspaper.) NIKoil and Kopeika
management each control 50 percent of the retailer, "Vedomosti" reported on 24 October. NIKoil plans to play
an active role in running the business, and will occupy four of seven seats on Kopeika's board of directors. Anna
Belyakova, an analyst at consulting company BKG, told "Kommersant-Daily" on 24 October that Kopeika is an
"advantageous acquisition for NIKoil." According to Belyakova, NIKoil's planned involvement in day-to-day
operations means that "NIKoil is interested in pumping up the company's value with an eye to a subsequent
resale." DK Copyright (c) 2003. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty
[AIW [Asia Africa Intelligence Wire]] |
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