Bank of Moscow finalized sale of Kama pulpmill

Moscow, February 28. The Bank of Moscow finalized sale of 100% of Kama pulpmill which was owned via Investlesprom holding, as Perm edition of Kommersant newspaper reports. Quoting kartoteka.ru website, the paper states that Kama pulpmill was sold on February 18 to Energoaktiv LLC. This company was established in 2010, 99% of shares belongs to Cyprus SEPERIAN Trading LTD offshore, 1% to its director Irina Barysheva.

Earlier Kommersant paper wrote that new owners of the mill chose not to disclose themselves. According to the data available at Kommersant, the mill was acquired by former managers of Alfa Eko consortium (now A1 holding) which controlled the mill until 2005.

Federal version of Kommersant says that Bank ofMoscow confirms the deal. The mill is now owned by “a group of investors headed by mill manager Sergei Starodubtsev”, the bank reports. The value of the contract is not disclosed. Earleir analysts evaluated the enterprise at around 0.9-1.1 billion Rubles (€22.4-27.4 million). New mill owners will concentrate on reaching full capacity and further development of the mill.

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.