RDIF CEO says Sistema can sell one of pledged assets

SOCHI, Feb 15 (PRIME) -- Multi-industry holding Sistema may sell one of the assets it pledged against a 40 billion ruble loan to the Russian Direct Investment Fund (RDIF) to repay damage to Bashneft cutting the volume of the credit, RDIF CEO Kirill Dmitriev told reporters on Thursday.

The RDIF has agreed to provide the six-month loan against stakes in children’s goods retailer Detsky Mir and in Bashkir Power Grid Company.

Dmitriev said, “One of the assets that are pledged with us can be sold to an investor soon. Therefore, they will need less than 40 billion rubles. We are ready to give both a 40 billion ruble and a 20 billion ruble loan,” Dmitriev said.

In December 2017, the Arbitration Court of the republic of Bashkortostan confirmed a peaceful settlement of a 170.6 billion ruble case by oil major Rosneft against Sistema. Under the agreement, Sistema and its affiliate Sistema-invest will pay 100 billion rubles to Rosneft’s affiliate Bashneft in several installments no later than March 30.

(57.5899 rubles – U.S. $1)

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