The government amended the charter of Russian Post, adding a clause on the organization’s right to additionally place ordinary uncertified shares with a par value of a package of 300 billion rubles. The corresponding order was signed by Prime Minister Mikhail Mishustin, it was published on the portal of legal information.
Thus, Russian Post has the right to place an additional 300 million shares at a par value of 1,000 rubles. for paper, the text of the order says. RUB 300 billion – this is more than the recommendations of the Russian Post board of directors to increase the company’s authorized capital through an additional share issue. On September 21, the board of directors recommended increasing it by 200 billion rubles.
“Post” will conduct a private placement of shares, during which the state will contribute to the company’s authorized capital funds for the modernization of branches throughout the country, “- said in the decision of the board of directors.
In the course of the additional issue, the state must transfer 100% minus 1 share of JSC Marka to the Russian Post by the end of 2021. The company issues postage stamps that the postal operator buys and sells at face value. As a result, the entire business cycle of printing and selling postage stamps will be transferred to the single management of Russian Post.
Earlier, Vedomosti, citing an appendix to the strategy of Russian Post until 2030, reported that the company sees the risk of default on obligations and believes that the best way to raise funds is through a public offering. Otherwise, it was said in the document, in these terms, the risk of default on the company’s debt obligations is likely and it will have to ask for subsidies from the state for 500 billion rubles. An IPO in 2023, as follows from the document, should allow the Russian Post to pay the state additional dividends in the amount of 50 billion rubles. by 2030
After the publication of the material in the press service of the company, it was reported that the Russian Post did not intend to go to an IPO in 2023, such a scenario was named in the working materials in the context of an extreme scenario of a probable default and, as a result, was not accepted into work. The company is also not considering the possibility of default.
The consolidated financial statements of the company under IFRS for the first half of 2021 state that the total volume of debt obligations of Russian Post as of June 30, 2021 is 95.78 billion rubles. Of this amount, the company attracted 64.284 billion rubles. through bonded loans maturing in 2021–2029. Russian Post also attracted bank loans in rubles and in euros worth 13.67 billion rubles. Among them is a loan from Alfa-Bank in the amount of 413 million rubles, a loan from Sberbank for 328 million rubles. and a loan from Raiffeisenbank in the amount of 221 million rubles, which the Russian Post is to repay in 2025.
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