10 June 2003 19:44
Russian Standard Bank to register additional share issue
MOSCOW. June 10 (Interfax) - Russian Standard Bank plans to register an additional share issue amounting to $20
million in August- September, as a result of which its charter capital will increase to $70 million, bank CEO Dmitry
Levin told journalists on Monday.
"As soon as the report on a bond issue is registered (placement of which will begin on June 18), the prospectus
for an additional share issue will be submitted," he said, adding that this should take place in August - the start
of September this year.
He said that this additional issue would be fully bought up by ZAO Russian Standard Company, which currently already
owns 85% of the bank's capital.
"This project is currently going through the approval stage in the Antitrust Ministry," he said.
Russian Standard Bank already placed an additional share issue amounting to $10 million at the start of this year.
The entire issue was bought by the International Finance Corporation, which currently owns 10.44% of the credit
organization's capital. As a result of the next additional issue, the IFC share will fall to about 6%.
Other Russian Standard Bank shareholders include Rust Incorporated (4.5%) and minority shareholders own 0.14%.
In addition, the European Bank for Reconstruction and Development has an option to buy a packet of 10.44% of the
bank's shares. Levin said that the EBRD does not plan to avail of this option at the moment. [RU EUROPE ASIA EEU
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