FIREBIRD, an American investment fund, has bought 10% of SOCGORBANK (Mytishchi, Moscow Region). FIREBIRD’s Cypriot subsidiary, LEO OVERSEAS LIMITED, has bought the bank’s new shares, worth R63 million at par, totalling 63,000 shares, at R4,097 apiece. Consequently, the fund paid R258m, or around $10m, for the 10% stake. Based on the price of the bank’s 10% stake, the bank’s overall value was estimated at $100m. Based on the results of new share issue, the bank’s equity capital rose to R630m. At the end of July, SOCGORBANK shareholders elected Thomas Nastas, president and founder of INNOVATIVE VENTURES INC., into the board of directors. He was nominated by FIREBIRD. The latter owns shares in another Russian bank, a 9.9% stake in CENTER INVEST.
Source: BANKI.RU, July l30, 2007
