VSMPO-Avisma Corporation buys 15% of its shares from Gazprombank

28 February 2014 (14:06)

February 28, 2014. VSMPO-Avisma Corporation bought out 15% of its shares from Gazprombank for 14bn RUR, Kommersant refers to VSMPO-Avisma managers Mikhail Shelkov and Mikhail Voyevodin as saying.

As a result of this deal, Shelkov and Voyevodin now own 65% of VSMPO-Avisma Corporation shares.

Gazprombank started buying stakes in the corporation in 2012. In November 2012, Rostech announced it would like to buy out a 45.42% shareholding in VSMPO-Avisma for 970m RUR. The consortium of VSMPO-Avisma and Gazprombank managers Business Alliance Company (BAC) where VSMPO management has a 75% plus 1 share stake, was given 50% plus one share in the titanium-making company (with the latter's management contributing their 4.6% stake to BAC). Gazprombank's stake that grew to 15% by December 2013 was not added to BAC.

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