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We estimate that the combined impact of a cut in MGTS's minority interest (resulting from MGTS's minority stake decreasing from 30% to 7%), smaller interest expenses (13.5% rate on Sberbank credit, matured in part by 2012), and the resultant adjusted income tax, should lead to a 57% surge in Comstar's net income in 2010, and 38% growth in 2011 vs financial projections under a noaswap scenario.
MGTS employer engagement adviser Frances Lee said: "More and more employers are now starting to take on MGTS apprentices in a bid to get the best of the bunch.
If MGTS pays out preferred share dividends, Comstar will have a chance to save up to RUB 5.9 billion on its offer to MGTS minority shareholders and thus improve its financials.
"My MGTS training has given me confidence and an independence I just didn't have, as well as the impetus to overcome dyslexia.
The accreditation is endorsed by employers and will replace MGTS's two CoVEs in leadership and management and multi-skilled management of industrial electrical systems.
The only other feature was a 4.0% gain for AFK Sistema (to $26.20/GDR) after the approval to proceed with the MGTS purchase.
MGTS chief executive Lee Weatherly said: "MGTS's strengths lie in its excellent financial performance and sound business approach which will bring a lot to the mix and we are looking forward to sharing our expertise in this area with the rest of the group."
The Federal Antimonopoly Service (FAS) has approved Comstar-UTS's (CMST - Buy) request to acquire a 23% stake in MGTS (MGTS - Sell), according to sources in the FAS and Comstar, Interfax reported on Friday evening.
Lee Weatherly, chief executive officer for MGTS, one of the UK's leading engineering training providers, said: "It has been a fantastic evening.
Comstar-UTS gets 14% of MGTS's share capitala[bar] MTS (MBT - Buy) has acquired an 11% stake in Comstar-UTS (CMST - Buy) and Comstar-UTS, in turn, has got a 14% (2.5 mln ordinary and 11.1 mln preferred shares) of MGTS's (MGTS - Sell) share capital from its minority shareholders, the companies reported yesterday.
Now he hopes for promotion and said: "MGTS tutors gave me the desire to train and look ahead.
Fundamentally, Comstar-UTS generates stable revenues from traditional voice segment through MGTS, but also has exposure to the fast-growing broadband segment.
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