12 April 2004 03:58
Bank sells Russian Coal assets for $40 mln
MOSCOW. April 12 (Interfax) - International Industrial Bank (IIB) sold its assets in the Russgy Ugol or Russian Coal
company for $40 million, Filipp Ilyin, the bank's public relations manager, told Interfax.
The assets include stakes in coal producers Rostovugol and Gukovugol from the Rostov region, Dalvostugol from the
Amur region and the Razrez Kiselevsky strip mine from the Kemerovo region, Ilyin said. The sale of these assets was
completed last week.
The bank is "offloading non-core assets, including coal assets," Ilyin said. He declined to say which other
non-core assets the bank would sell.
IIB and oil company Rosneft formed Russian Coal on a 50:50 basis in 2002. "Thus, we have divested our interest
in Russian Coal," Ilyin said.
Rosneft pulled out of Russian Coal in August last year as part of its own bid to offload non-core assets.
Russian Coal owns controlling stakes in Gukovugol, Rostovugol and the Kiselevsky mine, and less than a majority in
Dalvostugol. Russian Coal also controls the Novosibirsk Metallurgical Plant and the Amurmetall steel works from
Komsomolsk, Amur region. [RU ASIA EUROPE EEU EMRG BNK COA MIN MRG STX] pr <>
[Interfax] |
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