Kostin said that VTB sold a stake in a grain exporting company at an “objective price”
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VTB has sold its 45% stake in Demetra-Holding, a grain exporting company, said Andrey Kostin, head of the bank. He did not specify who became the buyer. According to him, VTB’s stake was sold at an “objective price”.
“We got out of the grain business. We had a share in Demetra Holding, less control, about 45% there. We have implemented it. The deal was closed the other day. I can’t say who the buyer is – it’s his right to declare himself. The price is objective, the margin is decent,” Mr. Kostin said at the Financial Congress of the Bank of Russia (quoted from TASS).
Demetra Holding is a large grain holding that owns assets in export logistics and trading. The holding owns shares in Russian grain terminals, railway operators and others. In June Andrey Kostin saidthat VTB is going to sell its stake in the holding, as the sanctioned bank as a shareholder hinders its development.
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