Sberbank put up 100 % of EUROCEMENT group (including its debt obligations of about RUB 70 billion) for auction. The acquisition may be of interest to large developers. According to experts, the bank will likely have to write off part of the debt.
Sberbank starts public selection of a buyer for shares in EUROCEMENT group and assignment of Sberbank's debt claims.
Today, February 18, 2021, an open electronic auction was launched. Interested companies and entrepreneurs willing to invest in Assets are invited to participate. The results of the auction are scheduled for release by early April 2021.
The Auction House of Russia will act as the organizer of the competitive procedure and provide an electronic platform where the selection of an investor will take place.
In October 2020, from the quarterly report of Sberbank, a state-owned Russian banking and financial services company, it came to light that the company is looking for investors to subsequently sell their shares in EUROCEMENT group. Sberbank, in agreement with the previous beneficiary, has consolidated 100 % of the shares of the parent company of this group — GFI Investment Limited. As of September 30, 2020, the assets of EUROCEMENT group amounted to RUB 79.2 billion.
EUROCEMENT group is an international industrial holding, a leader in the production of building materials in Russia. EUROCEMENT group is one of the largest private world cement companies, uniting 19 cement plants in Russia and abroad, as well as plants for the production of concrete, reinforced concrete products, quarries for the extraction of nonmetallic materials.
The design capacity of the holding's enterprises is over 60 million tons of cement and over 11 million m3 concrete. The raw materials deposit volumes are over 5.5 billion tons.
