ZAO Investlesprom, in which the Bank of Moscow is a shareholder, has concluded a transaction to sell CBK Kama. The plant has been acquired by a group of investors headed by its General Director Sergey Starodubtsev. The investment and banking services supporting the transaction were provided by FC Otkrytiye.
The new owners of OAO CBK Kama are to concentrate their efforts on bringing production up to full capacity and further developing the plant.
The proceeds from the transaction are to be used by ZAO Investlesprom to redeem its debt to the Bank of Moscow.
Sergei Starodubtsev was Kama mill manager in 2004-2008 and was reappointed in this position in early 2013. Kommersant sources said then this appointment may be linked with the mill sale. Investlesprom will use the proceedings from the sale to settle its debts to the Bank of Moscow.
In December 2012, Krasnokamsk mayor Yuri Chechetkin announced that the mill sale is almost closed, while equipment is being prepared to resume production. The launch was delayed several times. On February 7, production finally resumed, as the mill made first 130 tons of paper at PM1.
