Perm City Hall has announced the sale of 25.1% stake in KAMABANK on September 18. The starting price of the lot is twice the nominal value — R260 million. The nominal value is R134.375m. The decision to sell bank shares was made by local deputies at the end of May. City Hall explained the need for the sale by the intention of the bank principal owner to issue new shares, effectively diluting City Hall’s shareholding to 12%. Then, the bank’s principal shareholder, Andrei Shishkin, expected that the asset would be put on sale at a price close to par. Shishkin also voiced the readiness to buy the stake from city authorities. Market participants view the price declared by city officials as overstated.
Source: WWW.KOMMERSANT.RU, August 23, 2007
