VTB Group has acquired a 10% stake in Verkhnekamsk Potash Co. (VPC), which is carrying out the Talitsky potash project in Perm Krai, Russia, while Sberbank Investments reduced its holding in the project from 39.9% to 29.9% and extended the participation term to 7 years.
Following the transactions, VPC’s shareholder structure changed as follows: Acronit (Acron Group) holds 50% + 1 share, Sberbank Investments ¬– 29.9%, Otkritie Financial Investments (Otkritie Bank) – 10.1%, and VTB Group – 10%.
Alexander Popov, Chairman of Acron’s Board of Directors, commented on the transactions: “We are happy to welcome VTB Bank as a new financial partner to the project. We are also grateful to Sberbank for its support and ongoing cooperation. Participation of these strong financial institutions helps us optimise the project structure and financing costs.”
Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board, said: “VTB continues its multifaceted cooperation with Acron Group and is happy to take part in the development of the Talitsky potash project as a financial partner. I am confident that the next stage of investment in the project will contribute to its successful implementation. We also hope to participate in project financing for the final construction of the project.”
Read the article online at: https://www.worldfertilizer.com/potash/25092020/vtb-become-acron-groups-partner-on-talitsky-potash-project/