11/08/2019 17:01

Sale for resale

[IMG=18016-3409] Press conference held on October 5th by head of Deeptour Imran Nazarov and deputy head of Mezhbiznesbank Boris Mareev left a lot of questions with the market experts. The main of them is whether the proclaimed deal is a move to save Deeptour from the accumulated financial problems, or a new stage in the company’s development. The second version was mentioned at the press conference, the first in discussed on the professional market. On October 6th BANKO news team set to clarify certain aspects of relationship between tour operator and commercial bank, and the perspective of Deeptour check-up by federal authorities that may lead to canceling of license. At the press conference strategic partnership agreement was discussed, according to which the bank finances the tour operator during first stage of the partnership. Also an arrangement was mentioned according to which the bank participates in Deeptour’s capital. Mr. Imran Nazarov made hay of the situation when he told reporters: ‘The bank has bought our holding. We are its acquisition. In future we want to become one legal entity.’ After the press conference Mr. Boris Mareev (MBB) spoke a bit differently about the agreement in a talk with BANKO IS reporter: ‘At present we are registering 50% of Deeptour’s capital. At the same time we are performing an audit to see how much this company costs. So far our estimate is $5 million. By New Year we’ll see the real price and will decide whether buying Deeptour is worth it. Why o we need it? Awe want Deeptour clients to become our depositors. We are going to modify the holding so that it attains maximal price. We are thinking of attracting Western money. I think we’ll help this operator to merge with a foreign owner in 2–3 years.’ So Mr. Mareev has defined strategic purpose of participation in Deeptour’s business as a subsequent profitable resale of the company to foreign buyers. The like plans were nurtured by other investors in travel business, but the modern history of the trade does not know an agreement as big as this. But there are examples of local investors losing interest in the acquired projects before a happy end could happen. However, the bank taking part in the destiny of Deeptour declared during press conference on October 5th is good for the operator. It may serve at least as a delay of accumulated problems. As deputy head of license department of Federal Travel Agencu Irina Zhuikova told BANKO IS, ‘complaints of Deeptour agents that were brought into FTA are not yet considered, because the operator started giving out compensations for the unsettling of tourists.’ According to Ms. Zhuikova, the impending check-up of Deeptour’s conformity with license claims is not canceled and will start in a few days. But the authorities are less displeased with the company than they were some time ago. The main point for them is operator getting the money it can pay with. By the way, MezhBiznesBank knows about complaints on Deeptour. Mr. Mareev says: ‘There are as many complaints as on any other company.’ He is sure the bank will be able to stop this. Another aspect of the situation profitable for Deeptour is the form ob the bank’s financial help. Unlike crediting most often practiced in travel industry and meaning a set interest rate, MBB became an investor and thus shared the operator’s risks. This is confirmed by Igor Kiselev, head of Deeptour marketing department. ‘The bank invested money in us, and so it takes part in the income and expenses.’ Time will tell how helpful and long the help of MezhBiznesBank to Deeptour will be – or the result of audit check-up performed by the bank. According to what participants in the agreement say, tour operator might be able to clutch at a straw and solve the operative problems accumulated at the end of summer season.