VTB is going to sell its stake in one of the largest Russian grain holdings, Demetra Holding, and is negotiating with both Russian and foreign buyers. This was announced in an interview with Reuters by the head of VTB Andrey Kostin. The bank owns 45% of the holding’s shares.
Demetra has a network of elevators, large grain terminals and its own logistics. The holding owns a non-controlling stake in United Grain Company, a major grain trader.
Mr. Kostin explained that VTB does not see any special prospects for itself in the grain business, adding that the bank, which is under sanctions, as part of the shareholders, hinders the development of the holding. “We’re getting out of there. This has been decided,” Andrey Kostin said. According to him, the asset will be sold this year. He did not rule out selling to foreigners.
“And even, maybe, there will be not only Russian (buyers. – Kommersant), we’ll see,” Mr. Kostin answered the question of whether buyers were found. He specified that they would be from friendly countries.
When asked if the businessman and politician Vadim Moshkovich, whose business interests include large investments in agriculture, was a contender for Demeter, the head of VTB answered: “No.” “We have many friends, more than 100 countries have not supported anti-Russian sanctions, so we will choose one of them,” he said in response to a question about whether the Chinese could be buyers.
