VTB exercise option to gain control of developer Sistema-Hals
MOSCOW. Dec 3 (Interfax) - VTB has exercised an option with the Sistema holding to 51.24% of the shares in developer Sistema-Hals , the developer said in a statement.
Sistema agreed to sell VTB a 51% stake in the developer for 60 rubles in April as part of the restructuring of the company's debt. In the first stage of the deal, VTB paid 30 rubles for a 19.5% stake in Sistema-Hals and received a call option to buy another 31.5% for 30 rubles.
In the first stage of the transaction Sistema removed Sistema-Hals from its financial reporting through selling 31.5% of the shares to the developer's subsidiary Hals-Finance.
By realizing the option VTB is acquiring 51.24% in Sistema Hals. Sistema will retain 20.2% while Hals-Finance will lower its stake from 39.65% to 8.15%.
The bank and corporation signed an agreement that sets the terms of their partnership in various Sistema-Hals investment project, as well as suspending Sistema's obligations and guarantees on the developer's debts owed to VTB, the statement said.
Sistema-Hals was the first Russian developer to hold an IPO on the London Stock Exchange, raising $432 million in the sale of 18% of shares. The company's shares are also traded on Russia's RTS, MICEX and Moscow Stock Exchange.