OREANDA-NEWS. UES delays WGC-6 SPO due to negative state of the world markets, Veles Capital disclosed with reference to the holding’s financial director Sergey Dubinin. The term of securities offering will depend on situation over the world and Russian stock markets, said Dubinin. "We may also expect offering to the interest of a strategic investor, whereas negotiations are underway," mentioned Dubinin.

Closest offerings – TGC-8 and TGC-9 will not be delayed and will be made to the interest of strategic investors, Dubinin emphasized. In the opinion of Veles Capital experts, UES was probably pushed to this decision by lesser SPO of WGC-2, which, though, was sold at a price above the market’s one, but still could not get previously planned sum of cash. WGC-6 could have faced similar situation, as interest of the strategic investor, whichcould have paid premium to controlling or blocking portfolio, is most likely absent, hence companyis most likely to be held by Gazprom. Due to negative situation over liquidity at markets, serious demand for shares of WGC-6 by portfolio investors is unlikely.

Hence, UES hopes to wait for better situation on the market, waiting for the negative mood off WGC-2 offering to dissolve. There is also a high possibility of UES to agree with Gazprom, so that the gas giant redeems WGC-6 emission completely, at mutually beneficial price. But, Gazprom will also need time to consider its expenses for purchase of additional emission.

"In any case, we see that UES does not want to offer emission just for offering itself, trying everything in order for SPO to go as beneficial as possible. So, we take the delay of offering as mostly positive step by the company, though it is unlikely to affect quotes of WGC-6. The controlling portfolio is most likely to remain in hands of Gazprom anyway, making price of offering
dependable on price which Gazprom may pay for it," the experts conclude.