16 Jul 2021 12:10

Sberbank sells Eurocement to Mikhailovsky KSM for 161 bln rubles

MOSCOW. July 16 (Interfax) - Sberbank has completed the deal to sell the shares of the parent company and the debt of the Eurocement group to Mikhailovsky Construction Materials Plant LLC (Mikhailovsky KSM) for a total of 161 billion rubles, the Russian state credit institution said in a statement.

Mikhailovsky KSM was the winner as part of a competitive request for bids held on the e-platform of the Russian Auction House.

"The transaction will have a positive impact on the group's financial result, and will be reflected in the Sberbank group's Q3 2021 financial statement to International Financial Reporting Standards," Sberbank said in the statement.