August 11, 2018 / 9:56 AM / 9 months ago

Russia's Sberbank buys 10 pct stake in Metalloinvest's subsidiary

MOSCOW, Aug 11 (Reuters) - Mikhailovsky GOK, a subsidiary of Russia’s biggest iron ore producer Metalloinvest, said late on Friday that the group’s lender, Sberbank, has bought 10 percent of GOK’s shares in a deal aimed at easing the plant’s debt burden.

Russian billionaire Alisher Usmanov, who controls Metalloinvest, retains a holding of about 90 percent of shares in Mikhailovsky GOK.

Metalloinvest will repay a part of its Sberbank debt using the proceeds from the deal, Interfax cited a iron producer spokesman as saying.

Russian metal and mining firms faced a massive sell-off on Friday after a letter to Vladimir Putin by President’s aide Andrei Belousov with a proposal to raise 500 billion roubles ($7.5 billion) a year from the industry.

Usmanov’s portfolio of assets includes also telecoms and internet assets. (Writing by Denis Pinchuk Editing by Matthew Mpoke Bigg)

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