On September 23, the shareholders of KIT Finance Capital LLC approved the sale of 99% of Purneft LLC shares for RUB 712 million, the bank informed.
The asset will be purchased by Sapsan LLC.
The parties concluded a preliminary purchase and sale agreement with respect to Purneft on August 26. Sapsan has already effected a security payment in the amount of RUB 700 million.
"The security is accepted as part of the payment under the agreement. The remaining amount shall be paid by the buyer on the day the final purchase and sale agreement with respect to the stake is concluded," the statement points out.
It will be recalled that in September 2010, KIT Finance Investment Bank opened a 36-month credit line in the amount of RUB 1.05 billion to Purneft LLC. The company intended to use the borrowed capital to finance its investment program.
Purneft LLC registered in the Yamalo-Nenets autonomous area is licensed to explore and produce crude hydrocarbons at the Ust-Purpeisky license block in Yamalo-Nenets autonomous area. Upon completion of the modernization program, the monthly production target as of 2010 was set equal to 18 thousand tonnes.
KIT Finance Capital LLC (tax number: 7840417963) KIT Finance Investment Bank's subsidiary principally engaged in investment activities.
OJSC KIT Finance Investment Bank (tax number: 7831000637) is a commercial bank. Its basic activities are related to providing loans to SME, operations involving cards, retail sales of financial products, providing loans to corporate business entities. After the follow-on offering, the bank's shareholding structure is as follows: NPF Blagosostoyanie (57.15%), TransFinCapital LLC (23.12%), Russian Railways (19.29%), minority shareholders (0.45%).
IFRS net profit of KIT Finance for 2011 grew 2.3-fold year-on-year to RUB 325.818 million. RAS net profit of the bank for Q1 2012 dropped by 32% year-on-year to RUB 405.329 million.