Bank of Moscow acquires 42.3% of Hals Development
MOSCOW. Aug 18 (Interfax) - The Bank of Moscow has acquired 42.27% of shares in Hals Development , the bank said in a statement.
The bank was not previously a Hals shareholder.
As reported, Russia's Federal Anti-Monopoly Service (FAS) approved the Bank of Moscow to acquire 48.76% of Hals Development in July.
VTB already owns 51.24% of the company. Because of the purchase by the Bank of Moscow, which is part of the VTB group, VTB may be able to consolidate up to 100% of Hals Development.
According to Russian newspaper Kommersant, these moves are connected with the company's possible delisting from the London Stock Exchange (LSE) in the event of sanctions against the company's main shareholders, VTB, which has already been closed off from the American debt market.
Prior to the acquisition, 21% of Hals Development was in free circulation, while Cyprus-based Blairwood Ltd. and Stoneflower Ltd. each owned 13.8%.