KOMMERSANT. Now there is a new major shareholder at Tatarstan-based Intechbank, as construction firm Artug divested its blocking interest in the lending institution, the business daily wrote.
Artug announced the sale of its 25.6% equity position in Intechbank Friday. The transaction was registered on December 16. Artug’s general director Vladimir Kiryashin declined to name the new owner or disclose the transaction price saying “he cannot comment on the decisions taken by the shareholders”. An Intechbank representative, on terms of anonymity, said Tatfondbank is now the nominal holder of the sold block of shares. Tatfondbank, in turn, also declined to disclose the name of the beneficial owner.
Finam Investment Company analyst Konstantin Romanov thinks Artug most likely sold Intechbank securities due to the need to consolidate funds to redeem its bonds (Rub 500 mln bonds were floated in December 2006). “Given the current conditions, this equity stake hardly cost more than Rub 200 mln” — the expert believes. In his opinion, the securities were not bought by outside investors. “Lots of asset sale offers are available on the market right now, but investors are interested only in controlling stakes” — the expert pointed out adding Artug’s stake, as he assumes, was bought by another Intechbank shareholder.
A market participant who wanted not to be named said the sale of Intechbank securities is most likely “a technicality”. “Presently, it is next to impossible to take a strategic investor on board and a 25% stake is not the equity position such investor could take an interest in” — the market participant said adding under the current conditions a strategic investor could appear if the bank is to be financially rehabilitated, but he heard no word that Intechbank suffers serious problems.
