AFK Sistema sells remaining stake in Sistema Hals

2010-07-13

AFK Sistema (AFK) has sold its remaining stake in Sistema Hals – 27.6% – to VneshTorgBank (VTB), the holder of one of the most substantial stakes in the developer, through a secondary public offer. The total number of shares placed in April 2010 exceeded 16 million, with a par value of RUB 0.25.
AFK was forced to use its 71.1% stake in Sistema Hals as security for its €0.6bn debt to the bank during the crisis. Some of this – 51.24% – went to the creditor shortly afterwards at a price of less than €2 per share. However, AFK announced only recently that will not withdraw from the property business in Russia.

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