The Bank of Russia has registered a report on the results of the additional issue of shares of St. Petersburg-based PJSC Shipbuilding Plant Severnaya Verf, part of the United Shipbuilding Corporation (USC). According to RBC, citing operational materials from the Central Bank, thanks to the issue, which lasted more than a year, the plant attracted 14.6 billion rubles in cash and 1.85 billion rubles in property from shareholders.
The report on the results of the issue states that during the issue, which began in March 2024, it was planned to place 3.146 million ordinary shares with a nominal value of 1 ruble at a price of 8069 rubles per paper. In fact, 65% of the issue was placed – 2.038 million shares.
Severnaya Verf
FlotProm, Sergey Severin
Of these, 1,808 million securities were paid for with "live" money, 230 thousand in the form of property transferred to Severnaya Verf. Thus, taking into account the sale price, PJSC attracted 16.44 billion rubles from shareholders, including 14.59 billion in cash and 1.85 billion in property.
As a result of the issue, the authorized capital of PJSC increased 4.2 times – from 629 thousand to 2.67 million rubles. The shares were placed by closed subscription, meaning that only the current shareholders of Severnaya Verf could buy them out. The main ones are USC (before the issue, it owned 85.7% of PJSC shares) and Rosimushchestvo (13.6%). USC declined to comment on how much of the additional issue was acquired by the corporation and what the funds raised by the St. Petersburg plant are planned to be used for.
Both USC and Rosimushchestvo could provide the "property" part of the contribution to the authorized capital of the enterprise. In early April, Russian Prime Minister Mikhail Mishustin approved the alienation of USC's 100% shares in Commercial Center, Transport and Forest JSC (KCTL, a stevedoring company in the Large Port of St. Petersburg) as a contribution to the authorized capital of Severnaya Verf. A little later, the government proposed to transfer shares of five more companies held by Rosimushchestvo to the authorized capital of the enterprise: JSC Niva-SV (100% of shares), JSC Mashinostroenie Severnaya Verf (55.7%), JSC Tool-SV (100%), JSC Efes Severnaya Verf (100%) and JSC "Nord-West SV" (20%). The shares of all six of these enterprises, including KCTL, were transferred in 2023-2024 to the state represented by the Federal Property Management Agency by the Arbitration Court of St. Petersburg and the Leningrad Region on the claims of the Prosecutor General's Office.
As RBC previously wrote, Severnaya Verf ended 2024 with a record loss of 7.5 billion rubles. The last time the plant ended the year with a profit was in 2020, when it amounted to 173 million rubles. In the following three years, losses were recorded – 3.5 billion, 5.9 billion and 6.9 billion rubles.
In the first quarter of 2025, the company again showed a loss of 2.6 billion rubles with revenue of 4.5 billion. As of April 1, 2025, Severnaya Verf had 107.4 billion rubles of long-term borrowed funds (0.7% more than at the beginning of the year) and 31 billion rubles of short-term (+7.7%).
At the SPIEF 2025 held in June, the United Shipbuilding Corporation and the Government of St. Petersburg signed an agreement on cooperation in the implementation of an investment project to modernize the Severnaya Verf. Key technological changes include the introduction of automated cutting and assembly lines, the construction of climate-controlled indoor slipways, and modern paint systems.
USC's total investment in the project will amount to at least 300 billion rubles.
