VTB Bank has bought a 19.5% stake for 30 roubles a share in Russian property developer Sistema-Hals, the company said on Wednesday. The stake was sold by the group's major shareholder, Sistema, which previously owned a 69.4% stake in the company. VTB also received a call option to acquire a further 31.5% stake in the company.
VTB Bank has bought a 19.5% stake for 30 roubles a share in Russian property developer Sistema-Hals, the company said on Wednesday. The stake was sold by the group's major shareholder, Sistema, which previously owned a 69.4% stake in the company. VTB also received a call option to acquire a further 31.5% stake in the company.
Additionally, Sistema has sold part of its stake to its business partner Hals-Finance, which has increased its interest in Sistema-Hals from 9.7% to 39.6%. Following the deals, Sistema is left with a 19.5% stake.
Sistema Hals was the first Russian property developer to list its shares on the main market of the London Stock Exchange. The company's shares are also listed on the Moscow Interbank Currency Exchange and the Moscow Stock Exchange.
As of July 1, 2008, Sistema-Hals' portfolio was valued by C&W at about $3.7 bn (EUR 2.8 bn).
