Tatarstan transfers 16.09% Kazanorgsintez stake to Ak Bars Bank
MOSCOW. Jan 15 (Interfax) - Svyazinvestneftekhim , which is controlled by the government of Tatarstan, transferred 16.09% of shares in petrochemical concern Kazanorgsintez to the net assets of AK Bars Bank in order to provide support to the bank in a difficult economic situation, Svyazinvestneftekhim said in a statement.
"Transfer of the share stake into the bank's net assets enables it to increase capitalization without issuing additional shares, which will have a positive impact on all parameters of its operations. The transferred stake will also enable the bank to raise available resources from capital and money markets and provide them as loans to the republic's industrial sector and the services area," the statement says.
Simultaneously, Kazanorgsintez reported that Svyazinvestneftekhim's ordinary share holding fell to 11.2% from 28.4%.
Kazanorgsintez was notified of the transfer, which took place on December 24, 2015, on January 14.
Kazanorgsintez is Russia's leading producer of polyethylene and polyethylene pipe, turning out over 170 types of chemical products. Share capital totals 1.905 billion rubles split into 1,785,114,000 ordinary and 119,596,000 preferred, one-ruble shares.
Prior to the latest change, Telecom-Management LLC, a 100% subsidiary of TAIF, owned 53.04% of Kazanorgsintez equity (55.37% of ordinary shares) and Svyazinvestneftekhim had 26.6%.