PRESS: Investment fund Macquarie may sell 6.3% in Enel Russia

MOSCOW, Apr 9 (PRIME) -- Australian investment fund Macquarie plans to sell its entire 6.3% stake in Russian power producer Enel Russia until the end of 2019 in line with plans to leave the country altogether, Kommersant business daily reports on Tuesday quoting sources.

Analysts estimated the asset at 3 billion rubles. The market value of the stake has shrunk two times since 2012, but Enel Russia shows one of the highest yields in the country’s power sector, analysts said as quoted by Kommersant.

It is unclear who may be the buyer. A source from one of the shareholder funds told the business daily that Macquarie may acquire the legal right to sell the stake in Enel Russia in a month.

Macquarie wants to leave PFR Partners Fund I Limited consortium that owns 19.03% in Enel Russia, Kommersant reported. Besides Macquarie, the consortium comprises the Russian Direct Investment Fund (RDIF) and Middle Eastern fund AGC Equity Partners, and each one holds 33.3% in the consortium.

Sources also told the business daily that AGC Equity Partners may also consider leaving the consortium, while the RDIF has such plans as the investment is important for the fund as one of its first in Russia.

Another shareholder of Enel Russia is Prosperity Capital Management with an 8.23% stake.

The RDIF, Enel Russia, Macquarie, and Prosperity Capital Management declined to comment, while AGC Equity Partners did not respond.

(65.3498 rubles – U.S. $1)

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