Inteko repays all Bank of Moscow credits
MOSCOW. Jan 20 (Interfax) - CJSC Inteko has repaid ahead of term all its credit obligations to Bank of Moscow , the company's press service told Interfax.
"We have met all our obligations to repay credits to the Bank of Moscow ahead of term. Today the company has zero credit obligations to the bank," the company said.
That wraps up roughly ten years of cooperation between the company and the bank. "The overall amount of the repaid credits was 14.361 billion rubles. That figure was to have been paid off in 2012-2013," a company spokesman said.
Entrepreneur Yelena Baturina, who founded Inteko in 1991, sold the company to Mikhail Shishkhanov in partnership with Sberbank Investment LLC, a subsidiary of Sberbank of Russia . The deal was completed early last December.
It involved 100% of the stock in CJSC Inteko, CJSC Patriot, and all their production and design structures. Shishkhanov used his own money to acquire 95%, and Sberbank Investment got the other 5%.
Commenting on plans for Inteko's further development, Shishkhanov said not long ago that "before the end of the first quarter of 2012 there will be worked out and approved a phased strategy for development aimed at aligning all business process with the best world standards, at increasing the company's capitalization and moving it to an IPO."
Inteko's sales revenues in 2010 were down 45% from the year before - from 54.42 billion to 29.98 billion rubles. However, the company made about 100 million rubles in net profits, where it had ended 2008 and 2009 with losses of 3.03 billion and 38.15 billion rubles, respectively.
The year 2006 was Inteko's best, bringing the company 27.6 billion rubles in net profits.
