SOCAR confirms it does not intend to sell VTB stake

The State Oil Company of Azerbaijani Republic (SOCAR), which is a minority shareholder in VTB (MOEX: VTBR), does not plan to sell its stake in the Russian bank, the fund's executive director, Shahmar Movsumov, said during a press conference on Wednesday.


"Sanctions have affected the value of the bank's shares, but according to experts, after they are lifted the share price may grow around 25%. SOCAR is a long-term shareholder and does not plan to sell its stake in VTB," Movsumov said.


Movsumov made similar statements in June of this year during the bank's annual shareholders meeting. "As soon as the external situation gets better, the bank will have enormous potential to develop. And we're not planning to sell our stake in VTB, we have confidence in it for the future," he said at the time.


At the press conference on Wednesday, Movsumov also said that since the shares purchase, SOCAR has received $25 million in dividends from the bank overall.


In 2013 SOCAR became a shareholder in VTB, acquiring a 2.95% stake in the bank for $500 million.

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