ZAO Raiffeisenbank acted as a financial consultant of the gold miner OJSC Vysochaishy (GV Gold) in an investment deal with the European Bank for Reconstruction and Development (EBRD).
EBRD acquired 5.26% in GV Gold on 31 August, 2011, paying RUR 1.53 bn for the company’s additional equity offering. As a result, GV Gold’s market capitalization was valued above USD 1 bn. Sergei Dokuchaev, shareholder and chairman of GV Gold’s board of directors, said, «We are satisfied with the placement results, and believe that for GV Gold, to have a shareholder like EBRD opens new horizons for development.»
Offering proceeds will be used to finance modernisation and expansion purposes, acquisition of new assets, as well as strengthening of the Company’s corporate profile.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 9th among the Russian banks in terms of assets, based on H1 2011 results (Interfax-CEA).
Raiffeisen Bank International AG regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the world’s financial centres and in Asia, the group’s further geographical area of focus. Around 60,000 employees service about 13.5 million customers through around 3,000 business outlets, the great majority of which are located in CEE. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI’s shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group, including RBI.
GV Gold is one of the largest gold miners in Russia, ranked number 8 by gold produced in 2010. The Company’s gold resources (GV Gold has mining licenses in Irkutsk and Shakha (Yakutia) regions of Russia) exceed 13 mn oz; 8.9 mn oz reserves according to JORC. Its Proven and Probable reserves are 5.9 mn oz.