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M&A: FAS Russia permits Rostec Group to consolidate 34% of Novikombank shares

Russia's Federal Antimonopoly Service granted the application of Rostec Group for the purchase of a 22.193% voting stake in JSCB Novikombank, the regulatory body informed.

As a result of this transaction, Rostec Group may consolidate 34.0445% of Novikombank's voting shares.

It will be recalled that the shareholders of JSCB Novikombank at their extraordinary meeting in March 2014 decided to increase the company's authorized capital by RUB 1.655 billion through a follow-on offering. The issue including 1,655,229 securities at par value of RUB 1,000, is expected to be privately placed to Rostec Group.

The placing price is RUB 2.832 thousand per share.
JSCB Novikombank (tax number: 7706196340) established in 1993 provides the whole range of banking services. The bank focuses on the financing of Russian industrial enterprises including the military-industrial complex and the automotive industry as well as high-tech industries.

Rostec (Russian Technologies Group until December 2012) established in November 2007 is meant to provide assistance to Russian entities of various industries in the development, manufacture and marketing of hi-tech goods domestically and abroad, in carrying out applied R&D to explore promising technologies and in adopting advanced techniques for production to boost the quality of domestic technologies, to reduce the time and cost of their development.

Rostec comprises over 550 enterprises representing various economy sectors. Among them are such Russian companies as FSUE Rosoboronexport, United Engine Corporation, Russian Helicopters, VSMPO-AVISMA Corporation, Urals Optical & Mechanical Plant, Ruselectronics, AvtoVAZ, KAMAZ, Scartel (using the Yota brand) etc.

"AK&M", 31.03.2014


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