JSCB Bank of Moscow (controlled by VTB Bank) has completed the acquisition of a 48.76% stake in JSC HALS-Development, the Bank of Moscow informed.
The transaction will enable VTB to increase its stake in HALS-Development from 51.24% to 100%.
Earlier, Russia's Federal Antimonopoly Service granted the Bank of Moscow's application for the purchase of the said stake in HALS-Development.
JSC HALS-Development (previously OJSC Sistema-Hals, tax number: 7706032060) is a development company established in 1994 which specializes in the market of services in Russia and the CIS countries. In Moscow and Moscow region, the company manages office, commercial, hotel and residential real estate units. HALS-Development's major shareholder is VTB Bank.
IFRS net loss of JSC HALS-Development for 2013 grew 5-fold to RUB 5.6 billion from RUB 1.1 billion the year before. Revenue from lease operations doubled to RUB 2.6 billion from RUB 1.3 billion the year before. Revenue from hotel services was RUB 0.45 billion against RUB 0.41 billion the year before. Revenue from sales of commercial real estate properties increased 8.25-fold to RUB 3.3 billion from RUB 0.4 billion.
Joint stock commercial bank - Bank of Moscow OJSC (tax number: 7702000406) established in 1995 is among 30 major Russian banks. The Bank of Moscow is a financial agent of the Government of Moscow on investments, as well as an authorized bank for issuing and servicing the bonds of Moscow city.
IFRS net profit of the Bank of Moscow group for 2013 grew by 33% to RUB 37.7 billion. Assets increased by 25.96% reaching RUB 1.629 trillion at the end of 2013.
RAS net profit of the Bank of Moscow for H1 2014 grew 7.5-fold to RUB 12.437 billion from RUB 1.65 billion. Loss before tax was RUB 1.548 billion against a pre-tax profit of RUB 3.122 billion the year before.
AK&M "M&A Market"
"AK&M", 18.08.2014 14:12