Austria-based VTB Bank AG bought a 10% shareholding in Serov Ferrous Alloys Plant (a member of Kazakhstan-based raw stuffs holding Eurasian Natural Resources Corporation (ENRC)), the plant reports.

The bank did not use to have any stake in the plant before.

‘We believe it was ENRC who sold the shares to the bank, as about a month ago the holding informed us that they had sold a 10% shareholding in the plant,’ Interfax quotes a representative of the company as saying.

It was reported that ENRC used to have a 78.5% stake in the plant, while OOO Industrial Metals held a 19.73% stake in the business. Serov Ferrous Alloys Plant specializes in manufacturing chromous ferrous alloys, mainly consumed by metallurgical enterprises. ENRC is an integrated group dealing in the production and processing of mineral resources. VTB Bank AG is the head bank of its daughter companies VTB located in Continental Europe.