Moscow sells Center for International Trade stake
MOSCOW. Sept 26 (Interfax) - Moscow has sold its stock in OJSC Center for International Trade for 1.448 billion rubles, the Russian Auction House (RAH) announced.
Two companies had vied for the asset, RAH said. But the winner, LLC Prominexpo, only had to pay the auction's staring price.
The Russian capital had held 9.64% of the center's charter capital (11.08% of the votes). The stake was sold at 12.07 rubles per share. That was more than the current price on the MICEX-RTS exchange (9.35 rubles now, and at the time the auction was announced in June - 9.41 rubles). The city could have made substantially more a year ago, as Center for International Trade shares were going for 13.24 rubles at the end of last September.
Prominexpo is a subsidiary of the company Sovintsenter-2, which is owned by Center for International Trade itself.
The controlling stake in Center for International Trade belongs to Russia's Chamber of Commerce and Industry - 51.02% of capital, 53.5% of votes.
OJSC Center for International Trade owns the multi-profile business complex Center for International Trade (around 270,000 square meters), as well as apartment hotels in various parts of the Russian capital - Eridan-1, Eridan-2, and the three-star hotel Soyuz.
In the complex are a specialized congress center (21,500 square meters), the hotel Crowne Plaza WTC Moscow, the international chain Intercontinental Hotel Group (the former Mezhdunarodnaya (International) hotel built in 1980), and parking for 1,930 vehicles - including 1,100 underground parking spaces (18,200 square meters) and 830 open-air parking spaces (19,400 square meters).
Center for International Trade had its IPO in December of 2006, when it placed 18% of its stock and raised $105 million.