Trust Bank sells Linnafrost refrigerator plant for RUB 76 million

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AK&M 30 March 2021 20:57

Trust Bank of Non-core Assets has sold the Linnafrost refrigerator plant (Vyborg Refrigerating Equipment Plant) at an open auction. The transaction amounted to RUB 76 million. The asset was sold to IT company Briskly, the bank informed.

The Vyborg Refrigerating Equipment Plant was transferred to Trust Bank's balance sheet in 2018 as a non-core asset of Otkritie FC. IT company Briskly plans to develop own production based on Vyborg Refrigerating Equipment Plant and to transfer the integrated assembly of micromarkets (smart refrigerators) to the Vyborg site. The startup plans to restore production to the same volume of 10,000 pcs per year by the end of 2022.

Vyborg Refrigerating Equipment Plant LLC operating in the Russian market since 1997 makes products under the Linnafrost trademark.

Bank of Non-core Assets (PJSC Bank Trust) is a Russian financial institution with a majority government interest established during the banking system improvement by the Central Bank of Russia.  The bank founded in July 2018 on the basis of Bank Trust consolidated the non-core assets of financial organizations during their turnaround. The bank's activities are aimed at effective asset management with the aim of turning them around, increasing their market value and selling them at the maximum possible price.