VTB ARMENIA CO-OWNER MAY SELL STAKE TO VNESHTORGBANK

SKRIN Market & Corporate News
August 31, 2006 Thursday 11:50 AM GMT

Armenian entrepreneur Mikhail Bagdasarov is planning to sell his 30%
stake of VTB ARMENIA (former ARMSBERBANK), the Banki.Ru information
portal reported. Bagdasarov is currently negotiating the sale
with VNESHTORBANK (VTB), which owns 70% of the bank and holds the
priority right to buy the shares. In addition, talks are under way
with other potential investors. Earlier in March 2004, VTB bought 70%
of ARMSBERBANK shares. VTB ARMENIA equity capital stood at $18 mln at
the end of 1H2006. Bagdasarov owns the ARMAVIA air company in Armenia,
the MICA CEMENT plant and the MICA LTD oil trader.