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Amsterdam, May 30, 2012 – Kardan N.V. (“Kardan”), active in Real Estate, Water Infrastructure and Financial Services in emerging markets announces that following the press release of June 16, 2011, the group’s banking and retail lending subsidiary, TBIF Financial Services B.V. (“TBIF”), has closed the sale of its 50% stake in the Russian Sovcombank (the “Bank”) to the other shareholder in the Bank (“the Transaction”).
In June 2011, TBIF signed an agreement to sell its 50% stake in the Russian Sovcombank to the other shareholder in the Bank. The completion of the Transaction was subject to various conditions precedent, such as obtaining approval from the Russian Central Bank. This approval has been received in the first quarter of 2012.
The total consideration for the Transaction amounts to EUR 122 million. The remainder of the consideration, amounting to EUR 71 million, has been received upon closing of the Transaction.
Approximately EUR 40 million of the proceeds will be used to repay a loan that Kardan Financial Services, that holds 100% of TBIF, has from Kardan. Over the years, Kardan invested approximately EUR 100 million in the Bank. This sale, together with the sale of a 16% interest in the Bank in 2010, generated accumulated proceeds of approximately Euro 160 million for Kardan.