Russian bank VTB announced on Thursday that it has exercised a call option to acquire 31.5% of the shares of Sistema-Hals. The bank acquired the shares from the Russian real estate firm鈥檚 parent company AFK Sistema for a symbolic price of thirty roubles (about 67 euro cents).
Russian bank VTB announced on Thursday that it has exercised a call option to acquire 31.5% of the shares of Sistema-Hals. The bank acquired the shares from the Russian real estate firm鈥檚 parent company AFK Sistema for a symbolic price of thirty roubles (about 67 euro cents).
The transaction is the second stage of an agreement signed between VTB and Sistema-Hals in April 2009. During the first stage, VTB purchased 19.5% of Sistema-Hals shares, also for thirty roubles, and gained the right to exercise the call option. As a result of this second transaction VTB's share in the authorized capital of Sistema-Hals has increased to 51.2%.
Under the terms of their agreement the partners intend to restructure the debt of Sistema-Hals to VTB. The partners have also agreed the terms governing the implementation of a number of joint investment projects.
Sistema-Hals was the first Russian real estate development company to list on the Main Market of London Stock Exchange, raising $432 mln through its IPO in November 2006. The company's shares are also traded on the Moscow Interbank Currency Exchange (MICEX), Russian Trading System (RTS) Stock Exchange and the Moscow Stock Exchange.
Cushman & Wakefield valued Sistema-Hals' interests in the facilities and projects within its portfolio at $2 bn at the beginning of 2009.
