Russia's Gazprombank says sells 49% in Elginskoye to A-Property

MOSCOW, Mar 23 (PRIME) -- Russia's Gazprombank has signed an agreement to sell a 49% stake in the Elginskoye project to company A-Property, the bank said in a statement on Monday.

"Gazprombank has signed an agreement to sell a 49% stake in the Elginskoye project to company A-Property. The bank has always considered the Elginskoye to be an investment asset, the option exceeds the price of the acquisition many times, the bank values profitability of the deal as high," Gazprombank said.

According to earlier reports, A-Property asked the Federal Antimonopoly Service to approve acquisition of 100% in the Elga coal field from Gazprombank and metals and mining group Mechel. The request said that the combined value of A-Property’s assets exceeded 7 billion rubles, while the value of Elga’s companies amounted to over 400 million rubles.

(78.0443 – U.S. $1)

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