The Russian Federal Antimonopoly Service (FAS) has given the go-ahead to the Russian state corporation bank for development and foreign economic affairs, Vnesheconombank (VEB), to acquire a 100 percent stake in Cypriot company Amurmetal Holding Limited.
As a result of the deal, VEB will receives the right to manage the nine companies of Amurmetal Holding Limited, including the OAO Amurmetall, the only steel producer in Russia's Far East region.
The tentative agreement on the sale of Amurmetal Holding Limited's 80.5 percent stake to VEB Invest and of a 19.5 percent stake to the bank itself, was signed on July 31, 2009 in the presence of Russia's prime minister, Vladimir Putin. Following the agreement in question, VEB undertook to open a loan for the company.
As SteelOrbis previously reported, on March 31, 2010 VEB has opened financing to Amurmetall by providing a first tranche equal to Ruble 383 million (about $13 million).