Eldorado’s majority shareholder sells his stock

19 February 2010 (11:08)

The primary stockholders of Eldorado (the consumer electronics chain store) Igor Yakovlev and the Czech PPF Group agreed to redistribute their shares in the business.

According to Vedomosti, Yakovlev is to sell his 50%-minus-one-share holding to PPF Group for $100m and will get back his personal business assets Advantage Group (ADG) and RealEstateDevelopment (R.E.D.).

Vedomosti reports the news was announced by several sources within PPF Group and Eldorado’s management.

The Group offered Eldorado a $500m loan in the fall of 2008. The loan was secured by 51% of Cyprus-based Fasipero, Eldorado’s management company. PPF then reported the trading premises and Yakovlev’s own Advantage Group and RealEstateDevelopment were also used as the loan collateral. The two assets were estimated at ?1.1bn prior to the recession and were both supposed to have entered ECM Group that manages PPF’s realty.

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