OBIBANK pays off bonds convertible into Rostelecom shares ahead of time
On July 12, 2004 Commercial Bank OBIBANK paid off the bonds
convertible into OAO Rostelecom shares ahead of time. OBIBANK’s
issue of bonds that might be converted into OAO Rostelecom shares
was the first such project carried out by a Russian company. The
project paved the way for the emergence of new financial products
in the market. IFC Metropol acted as the lead manager, adviser and
underwriter of the issue. As IFC Metropol General Director Mikhail
Slipenchuk said, convertible bond issue turned out to be useful
experience in introducing new investment products. “It was
important to take this route to uncover potential obstacles. The
experience we gained will be used in future as far as the Russian
stock market is evolving,” Mr. Slipenchuk said. Bond holders were
paid the nominal value of Rub 165 mn. Interests paid amounted to
Rub 2,481,600; interests per bond equaled Rub 15.04.
Information about CB OBIBANK
OOO Commercial Bank “OBIBANK” (united investment bank) was created
on the decision by the founders’ meeting on September 2, 1994 and
registered with the Bank of Russia on December 26, 1994, No. 3185.
The Chairman of the Board is Kichayev, Alexei Vladimirovich.
As of January 1, 2004 the bank assets equaled Rub 1,877,925 ths.,
the equity – Rub 232,088 ths., the authorized capital – Rub 218,369
The bank’s shareholders include OOO Investment finance company
Metropol (51.36%) and the Russian Federal Property Fund
Address: 119049, Moscow, Ul. Donskaya, 13, bldg. 1.
Tel (095) 933-3323, fax (095) 933-4873, e-mail