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AKB Bank Moskvy OAO Consolidates 100% of Segezha Pulp and Paper Mill-Interfax

Wednesday, 4 Sep 2013 02:34am EDT 

Interfax reported that AKB Bank Moskvy OAO (Bank of Moscow) has consolidated all of the voting shares in OJSC Segezha Pulp and Paper Mill (SPPM) by raising its stake from 50.0001%, the Bank said in a statement. Russia's Federal Anti-Monopoly Service (FAS) gave Bank of Moscow the go-ahead to boost its stake in SPPM's capital to 100% last month. In July, after an additional shares issue by SPPM, the Bank acquired 50% plus one share in the pulp and paper mill. Prior to that, Bank of Moscow already had effective control over the enterprise, albeit through a long chain. This summer, the Bank submitted a mandatory buyback offer on SPPM shares for RUB 1,009 per ordinary share, par value RUB 1,000 each. SPPM has charter capital of RUB 1.074 billion. 

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-34.0 -3.84%
3:55am EDT