Bloomberg News

Russia Sells Sberbank Stock at Above-Market Rate Amid Offering

February 15, 2007

Russia's government sold shares in state-run OAO Sberbank (SBER) at above the market price ahead of a secondary stock offering by the country's biggest lender.

The Federal Property Fund last week sold 2,176 shares for 91,100 rubles ($3,472) each to Moscow-based IC Russ-Invest, a local investment company, the fund said in an e-mailed statement yesterday. Sberbank shares closed at $3,410 on Feb. 8, almost 2 percent below the sale price.

Sberbank is selling as many as 3.5 million new shares this month, valued at $12.3 billion at yesterday's close, as it seeks to expand its operations. The sale price for the new shares will be set by Sberbank's board after the deadline for pre-emptive rights expires Feb. 19.

Sberbank shares rose 1.8 percent to 93,700 rubles ($3,572) on the Micex Index at 12:54 p.m. in Moscow.

To contact the reporter on this story: William Mauldin in Moscow at wmauldin1@bloomberg.net

To contact the editor responsible for this story: Balduin Hesse in London at bhesse2@bloomberg.net.


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