Fesco share sale ‘negative for stock’

Russian owner Fesco’s potential stock sale will be negative for the shares, analyst VTB Capital said.

The restructuring group is mulling a new sale worth 50% of its charter capital, according to a report from Russian media outfit RIA.

VTB said its authorised shares represent 25% of current charter capital, so any sale of a larger amount would need shareholder approval.

It also noted that key shareholders Magomedov, TPG and GHP would see their stakes cut to a combined 49%, from 74% now.

However,