VTB sold a stake in the restaurant chain Burger King for 4.6 billion rubles.

VTB sold a stake in the restaurant chain Burger King for 4.6 billion rubles.

VTB Bank sold its stake in the Burger King restaurant network in Russia for 4.6 billion rubles. This follows from reporting bank for the first quarter of 2018. The deal for the sale of a 16.62% stake in VTB Bank of Burger King Russia (Cyprus) Ltd was held in February, the buyer is not called.

Earlier RBC reported , that Burger King in Russia in February replaced the largest shareholder. According to the Cyprus registry, it was registered in Cyprus Xomeric Holdings Ltd, which bought a 16.62% stake from VTB.

The bank announced its intention to sell a stake in Burger King Russia in its report for 2017. Then the bank estimated the book value of 16.62% in the company at 4.6 billion rubles. A representative of VTB told RBC that a principled agreement to sell the stake was reached, and the deal would be closed in the near future.

The new largest shareholder of Burger King in Russia is connected with the Ukrainian investment company ICU, it follows from its licensing documents and materials on the official website. ICU belongs to Ukrainian businessmen Makar Pasenyuk and Konstantin Stetsenko. Pasenyuk’s structures are known for their participation in the preparation for the sale of the Roshen confectionery, owned by the family of the President of Ukraine Petro Poroshenko.

After the deal with Xomeric, VTB had 19.98% of Burger King Russia left. Shares of other shareholders – the structure of the American Restaurant Brands International (the owner of the Burger King brand), as well as Gladerom Investment Ltd, which is associated with the main owner of the coffee shops “Chocolate Girl” and “Coffee House” Alexander Kolobov – remained unchanged, 15 and 30% respectively. On the question of plans to further reduce the bank’s stake in the Russian Burger King in VTB, RBC said that they always have “clear expectations on the price parameters of the withdrawal from the asset” and will consider relevant proposals when they reach them.

Now Burger King manages more than 550 restaurants in Russian regions and three CIS countries. The network’s revenue in 2017 increased by 35%, to 29.1 billion rubles., Net income increased nine-fold, to 900 million rubles.

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