Subcomplot is preparing for partial privatization The Ministry of Finance has started by selecting an organizer for the sale of a 7.8% share less one share of Subcomplot. After the deal, the state's share will decrease from 82.8% to 75% with the addition of one share, which will allow it to maintain control of Russia's largest operator of a large-capacity fleet and one of the world's leaders in the transportation of hydrocarbons. The package is estimated at 15-16 billion rubles. with a company value of about 200 billion rubles. Applications will be accepted until November 17; The terms and parameters of the placement will depend on market conditions. The department explained the decision with active development of the company, positive financial results and plans to renew dividend payments in 2026. According to IFRS for the first half of the year, Socomplot's revenue increased by 66% to $1.026 billion, EBITDA more than doubled to $547 million. The shares fell by about 3% after the announcement of the deal, amid expectations of a possible discount and the general situation in the Russian market. Analysts point out that maintaining state control eliminates the risks of changing the strategy and dividend policy. The free float will increase from approximately 15.5% to 23%, which will increase liquidity and expand the base of institutional investors. The market is able to absorb the volume of the package without a significant pullback, although increased volatility is possible in the coming weeks until the exact terms of the placement are determined. Most experts maintain target prices above current levels and expect a neutral-positive impact on quotes in the medium term, subject to stable financial performance and favorable conditions in the freight market.

Subcomplot is preparing for partial privatization The Ministry of Finance has started by selecting an organizer for the sale of a 7.8% share less one share of Subcomplot. After the deal, the state's share will decrease from 82.8% to 75% with the addition of one share, which will allow it to maintain control of Russia's largest operator of a large-capacity fleet and one of the world's leaders in the transportation of hydrocarbons. The package is estimated at 15-16 billion rubles. with a company value of about 200 billion rubles. Applications will be accepted until November 17; The terms and parameters of the placement will depend on market conditions. The department explained the decision with active development of the company, positive financial results and plans to renew dividend payments in 2026. According to IFRS for the first half of the year, Socomplot's revenue increased by 66% to $1.026 billion, EBITDA more than doubled to $547 million. The shares fell by about 3% after the announcement of the deal, amid expectations of a possible discount and the general situation in the Russian market. Analysts point out that maintaining state control eliminates the risks of changing the strategy and dividend policy. The free float will increase from approximately 15.5% to 23%, which will increase liquidity and expand the base of institutional investors. The market is able to absorb the volume of the package without a significant pullback, although increased volatility is possible in the coming weeks until the exact terms of the placement are determined. Most experts maintain target prices above current levels and expect a neutral-positive impact on quotes in the medium term, subject to stable financial performance and favorable conditions in the freight market.