Majority shareholders of SG-Trans Alexey Taicher and Sergey Smyslov are selling their shares in the company
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The majority shareholders of SG-Trans, Alexey Taicher and Sergey Smyslov, are selling their shares in the company. As it became known to Kommersant, the other co-owners of SG-Trans, the Babaev brothers, as well as top managers of SG-Trans and investment funds, are the acquirers. According to experts, SG-Trans, as the main carrier of LPG on the railways, is now experiencing an upswing along with this market segment, and the moment for selling the share was chosen well.
The main shareholders of the largest operator of railway transportation of liquefied hydrocarbon gases (LHG) SG-Trans, Alexey Taicher and Sergey Smyslov, are leaving the company’s capital, two sources familiar with the transaction told Kommersant.
SG-Trans is 100% owned by Vector Rail JSC. According to company data disclosed in preparation for a bond issue in 2021, Messrs Taicher and Smyslov had a 58.25% stake in Vector Rail for two. A source familiar with the situation says that now we are talking about 63% of the shares.
According to him, the papers of the main shareholders were bought out (in an unknown proportion by Kommersant) by other participants in Vector Rail, the brothers Timur and Ruslan Babaev, as well as two top managers of SG-Trans and investment funds. The amount of the transaction is unknown. SG-Trans declined to comment.
A source close to Vector Rail explained to Kommersant that Mr. Taicher intends to focus on the projects of the Transfin-M group, which he controls, and on new logistics assets.
Transfin-M is engaged in leasing rolling stock, as well as ships, vehicles and aircraft, and in the first quarter its net profit under IFRS increased 2.2 times to 4.8 billion rubles.
At the end of 2021, it was reported in the bond issue prospectus, the share of SG-Trans in the transportation of LPG on the network of Russian Railways was 64%. At that time, SG-Trans had 31 thousand units of the fleet, including 24.6 thousand tanks for the transportation of LPG (of which 4.2 thousand were at a parity joint venture with SIBUR NHTK), 6.7 thousand tank- containers and 4.5 thousand fitting platforms. According to SPARK, SG-Trans’s revenue in 2022 amounted to 15.2 billion rubles, net profit – 5.65 billion rubles.
The head of Infoline-Analytics, Mikhail Burmistrov, says that the situation in the rolling stock market for the transportation of liquefied hydrocarbon gases and petrochemical products, where SG-Trans has strengthened its leading position since 2012, is now very positive. If in the spring of 2022 certain local difficulties were observed in the LPG transportation market, then since the summer the situation has returned to normal.
As of summer, the share of the fleet involved in transportation has already exceeded the level before the outbreak of hostilities, and rental rates continue to grow dynamically against the backdrop of a shortage of tanks.
Rental rates for LPG tanks increased by 45% compared to the beginning of 2022, to RUB 2.6–2.7 thousand. per day, tank containers for petrochemical cargoes – by 50%, up to 1.8-2 thousand rubles, tank containers for LPG – by more than 40%.
The time to exit the asset was chosen very well, the expert believes, as the value of the business has grown following the increase in efficiency, increase in revenue and EBITDA, and long-term contracts with SIBUR, Rosneft, Gazprom Neft and LUKOIL guarantee buyers the necessary cash flows to repay borrowed debt.
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