VTB Bank will be entitled to dispose of 19.95% of PIK Group shares, the lending institution said in a press release.
The bank gained an interest in the property developer as part of a repurchase transaction (the purchase of securities with the seller's obligation to buy back them in an agreed period of time at a fixed price).
"VTB Bank has got control of a 19.95% interest in PIK Group as part of a repurchase transaction," the bank's press service commented.
Similar deals involving PIK Group shares have been transacted several times already (in January 2014 and June 2015). According to the media, the shares are used as collateral for loans extended to the property developer.
