RZD might close sale of 29.4% in TCB in 2 wks
MOSCOW. June 29 (Interfax) - Legally binding documents for OJSC Russian Railway's sale of 29.4% in TransCreditBank (TCB) to VTB Bank will be signed in the coming two weeks, TCB president Yury Novozhilov told journalists on Thursday.
"We expect legally binding agreement to be signed in the next two weeks," he said.
Novozhilov added that the minimum price for one share in the sale of 30% in TCB Bank was set at 24.4 rubles per share.
He also said that the RZD will receive 16.4 billion rubles in the July transaction. In addition, he said that the railway monopoly will also get 1.7 billion rubles from VTB as an advancer fro the remaining 25% plus one share. RZD might receive 13.95 billion rubles for this total remaining packet of shares.
However, RZD will also have the right to receive profit from the bank proportional to its stake. Novozhilov added that the state company might receive around 9 billion rubles from its 15% return on equity over a two-year period.
RZD plans to receive around 40 billion rubles for its 54.4% stake in TCB, Novozhilov said, adding that 30 billion rubles of this is guaranteed from the sale to VTB. The remaining 10 billion rubles would come from an interest in TCB's charter capital.
VTB will acquire 20.4% of the shares in TCB from RZD, as well as several minority shareholders and thereby boost their total stake to just under 75%.
He added that the next stage will be an additional issue of TCB shares for VTB worth 7 billion rubles. VTB might acquire an additional 5%-7% in TCB from this placement.
Novozhilov added that RZD's stake in TCB will be purchased by VTB with a capital ratio of 2.2. "Any RZD stake will be purchased at a ratio of 2.2 to capital," he said.
` He added that the price for purchasing one share in TCB would be under 24.4 rubles per share.
