Gazprombank has completed the sale of a 49% stake in the Elga project to A-property ahead of schedule in exercise of the option. The transaction amounted to RUB 45 billion, the bank informed.
Taking into account the previously completed purchase Mechel's share, A-property has become the sole owner of all assets of the Elga coal complex.
In addition to deleveraging, the operating performance metrics of ElgaUgol were significantly improved in 2020, in particular, operating expenses were significantly optimized, and overdue taxes paid.
Gazprombank (JSC) (GPB, tax number: 7744001497) established in 1990 is among the three largest banks of Russia in terms of financial performance. The bank serves the key industries of the Russian economy (gas, oil, nuclear power, chemistry and petrochemistry, black and non-ferrous metallurgy, electric power, mechanical engineering and metalworking, transport, construction, telecommunications, agriculture, retail.
