National Wealth succumbed to capital
[ad_1]
The Ministry of Finance acquired shares in the State Transport Leasing Company (GTLK) in the amount of 58.3 billion rubles. from the NWF. STLC came under sanctions in the spring, which greatly complicated the attraction of financing. Many of her clients found themselves in a difficult situation. The additional capitalization of the company is positioned as one of the measures to support the economy. According to experts, support is now needed for the entire leasing industry, which has been hit hard by the sanctions. But other players, mainly members of banking groups, cannot count on direct financing – this problem will most likely be shifted by the state to parent credit organizations.
As follows from the message of the Ministry of Finance, published on September 9, in August the ministry acquired STLC shares for 58.3 billion rubles. The deal was paid for from the National Welfare Fund (NWF). “This decision (on the additional capitalization of STLC.— “b”) is included in a set of government measures to ensure the development of the Russian economy in the face of external sanctions,” the Finance Ministry said in a statement. “The state is recapitalizing those affected by the crisis or simply inefficient state-owned companies. Previously, we saw similar investments in Aeroflot, an additional issue of Russian Post is being discussed,” says Dmitry Alexandrov, Executive Director of Ivolga Capital Investment Company.
STLC belongs to the state. The company specializes in leasing mainly vehicles. According to the Expert RA ranking at the beginning of the year, the volume of the STLC portfolio reached almost 1.35 trillion rubles, the volume of new business – 127.6 billion rubles. According to both indicators, the company is among the five largest in Russia. In the spring of 2022, after the outbreak of hostilities in Ukraine, STLC came under US, EU and UK sanctions.
For state-owned companies, there are now few options for attracting liquidity, experts say. “There is a possibility of placing bonds, but this resource is exhausted,” explains Mr. Aleksandrov.
“Issue of bonds of a leasing company for 58.3 billion rubles. in the absence of non-residents, the market may simply not find buyers, and there is no time to find them – that is why STLC simply gives out money, directly, ”agrees Pavel Verevkin, investment strategist at Alor Broker.
Meanwhile, the entire leasing industry needs support, experts say: the Russian financial sector (many leasing companies are part of banking groups) was the first to be hit by sanctions, having encountered difficulties in making payments and carrying out international transactions. In addition, the leasing industry also suffered from the shortage of the leased items themselves on the market: many Western manufacturers of cars and equipment either left the Russian market or stopped deliveries due to sanctions and violations of logistics (see “Kommersant” dated May 28). The reorientation to Asian partners is still slower than expected (see “Kommersant” dated July 25).
However, it is hardly worth counting on additional capitalization from the NWF by other players in the leasing market. Leasing is dominated by companies belonging to large banking groups, explains Dmitry Alexandrov, and if they need additional capitalization, it will most likely be carried out by the parent bank.
[ad_2]
Source link