It was reported that the European Bank for Reconstruction and Development (EBRD) sold its shares in the Moscow Stock Exchange to the Russian Softline company. Forbes.
According to the publication, the deal was approved by the government commission on the control of foreign investments, on the condition that the EBRD provides a 60 percent discount on the market value of the package and pays an exit tax of 20 percent of the transaction amount.
According to Forbes, the EBRD owned 5.3% of the shares of the Moscow Stock Exchange, which had a market value of 22.76 billion rubles. Taking into account the discount, the price of the Softline package was 9.1 billion rubles, and the exit tax was 1.82 billion rubles. Thus, EBRD will be able to obtain 7.28 billion rubles (about 76 million dollars) from the sale.
Forbes sources note that such conditions reflect the reality for foreign investors in Russia due to limited asset liquidity. The 60 percent discount is above average for companies exiting Russian assets.
EBRD suspended investments in Russia in 2014 following the annexation of Crimea. In April 2022, the bank froze its access to the resources of the Russian Federation and closed its offices in Moscow, retaining its shareholder status. Exiting Russian assets has become part of the EBRD’s sanctions policy.
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