Russia’s PROMSVYAZBANK has disclosed the terms on which COMMERZBANK will become its shareholder. An additional issue of 26,320 shares with a nominal value of R50,000 was approved at a recent PROMSVYAZBANK shareholders meeting. The issue is aimed at raising the bank’s capital by 34.6%. The shares will go to COMMERZBANK AKTIENGESELLSCHAFT and PROMSVYAZ CAPITAL B. V., which owns PROMSVYAZBANK.
Brothers Dmitry and Alexei Ananyev own PROVSVYAZ CAPITAL B. V. on equal terms. The shares will be sold at R160,000 per share, bringing the bank around R4.2 billion. In the issue’s wake, COMMERZBANK will get 15.3% in PROSVYAZBANK, which will cost it R2.5b. In the meantime, NOVA LJUBLJANSKA BANKA intends to withdraw from the bank’s capital. The bank bought 7.69% in PROVSVYAZBANK last year and then saw its stake diluted to 3.65% as a result of an additional share issue held earlier.
Source: VEDOMOSTI, August 31, 2006
