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VTB ARMENIA Co-Owner May Sell Stake To VNESHTORGBANK

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  • VTB ARMENIA Co-Owner May Sell Stake To VNESHTORGBANK

    VTB ARMENIA CO-OWNER MAY SELL STAKE TO VNESHTORGBANK

    SKRIN Market & Corporate News
    August 31, 2006 Thursday 11:50 AM GMT

    Armenian entrepreneur Mikhail Bagdasarov is planning to sell his 30%
    stake of VTB ARMENIA (former ARMSBERBANK), the Banki.Ru information
    portal reported. Bagdasarov is currently negotiating the sale
    with VNESHTORBANK (VTB), which owns 70% of the bank and holds the
    priority right to buy the shares. In addition, talks are under way
    with other potential investors. Earlier in March 2004, VTB bought 70%
    of ARMSBERBANK shares. VTB ARMENIA equity capital stood at $18 mln at
    the end of 1H2006. Bagdasarov owns the ARMAVIA air company in Armenia,
    the MICA CEMENT plant and the MICA LTD oil trader.
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