TBIF sold part of Sovcombank for €32 million.
Kardan NV's (TASE: KRNV;AEX:KARD) East European banking and lending subsidiary TBIF Financial Services BV has sold 16% of Russia's Sovcombank €36 million to its partner Sovco Capital Partners BV, which exercised a call option.
TBIF and Sovco Capital will each own half of the bank when the transaction is completed.
Kardan said that it expects to record a capital gain on the deal, but that it did not yet know how much.
Kardan's share price rose 0.2% by early afternoon on the TASE to NIS 16.76, giving a market cap of NIS 1.87 billion, and edged up 0.02% to €3.48 by midday on the Euronext Amsterdam Exchange.
Published by Globes [online], Israel business news - www.globes-online.com - on September 2, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010