OJSC Bank of Moscow intends to consolidate 100% of the shares in OJSC Segezha Pulp and Paper Mill, Russia's Federal Antimonopoly Service informed.
The regulatory body announced it had granted the bank's application for the acquisition of 49.9999% of the voting shares in the pulp and paper mill. As a result of this transaction, the Bank of Moscow will become the sole shareholder of the mill.
OJSC Segezha Pulp and Paper Mill (tax number: 1006004155) is one of the oldest Russian enterprises in its sector of economy. The enterprise is located 700 km to the north of St. Petersburg. The integrated enterprise was founded in 1939 on the bank of Lake Vygozero, in the center of the Republic of Karelia. Today, the enterprise is capable of producing up to 310.5 thousand tonnes of sulfate pulp, 265 thousand tonnes of sack kraft paper. Since 2006, Segezha Pulp and Paper Mill has been part of Investlesprom holding.
According to the information and retrieval system DataCapital, RAS net loss of Segezha Pulp and Paper Mill for 2011 grew by 79.6% to RUB 770.785 million from RUB 429.058 million for 2010. Revenue increased by 11.9% to RUB 7.378 billion from RUB 6.594 billion.
The Bank of Moscow (tax number: 7702000406) established in 1995 is among 30 major Russian banks. Its authorized capital is RUB 27.175 billion. As of December 1, 2012, 155 banking units operated in different regions of Russia. In Moscow, the bank operates 130 offices. The bank's global network includes 4 subsidiary banks outside of Russia: BM Bank (Ukraine), Bank Moscow-Minsk (Belarus), Eesti Krediidipank (Estonia), and Bank of Moscow-(Belgrade) (Belgrade, Republic of Serbia). VTB Bank increased its share in the Bank of Moscow to 95.5%.
IFRS net profit of the BoM Group for H1 2012 was RUB 10.1 billion against a profit of RUB 348.823 million for the same period in 2011.
Net profit (RAS) of the Bank of Moscow for 2012 increased by 45% year-on-year to RUB 8.215 billion.