MOSCOW, June 9 (Reuters) – VTB, Russia’s second largest financial institution, will promote its stake in one in every of Russia’s largest grain merchants, Demetra-Holding, and is in negotiations with each Russian and international consumers, CEO Andrei Kostin instructed Reuters in an interview.
Demetra has a community of grain elevators, main deep sea grain terminals and its personal logistics. It owns a non controlling stake in main grain dealer United Grain Firm (OZK).
VTB has a forty five% stake within the holding.
“We’re popping out of there. It is determined,” Kostin instructed Reuters. “We’ve got been uncontrolled for a very long time, and we’ll depart utterly.”
He stated the asset could be bought this yr.
When requested if consumers had been discovered, he stated: “Sure, and even, perhaps, there shall be not solely Russian ones, we’ll see.”
He declined to say who the consumers have been however clarified that they might be from “pleasant” nations – a phrase Russia makes use of to explain nations which haven’t imposed sanctions on Russia.
When requested if billionaire Vadim Moshkovich was a bidder, Kostin stated: “No.”
Requested if it could possibly be the Chinese language, Kostin stated: “Why China? We’ve got a lot of associates, greater than 100 nations didn’t help the anti-Russian sanctions, so we’ll select one in every of them.”
Kostin stated VTB noticed few prospects for itself within the grain enterprise, including {that a} sanctioned financial institution within the shareholding hindered the holding.
Reporting by Man Faulconbridge and Elena Fabrichnaya
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