30 Nov 2009 13:30
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INDIRECTLY IN THE UNITED STATES OF AMERICA
Nomos Bank buys PIK's US$262 million loan
from Vneshekonombank (VEB)
(LONDON, 30 November 2009) - PIK (LSE: PIK) and Nomos-Bank today announce that Nomos-Bank has bought a US$262million PIK Group loan from Vneshekonombank (VEB). In accordance with the agreement, Nomos-Bank became PIK's creditor on November 27, 2009.
PIK and Nomos-Bank plan to finalize restructuring terms by January 15, 2010.
Irina Gordeeva, Deputy President of Nomos-Bank commented:
"We are interested in long-term partnership with PIK. This transaction enables us to enter into the residential market with our mortgage products and increase our credit portfolio through an exposure to a perspective developer with professional expertise in real estate."
Pavel Poselenov, President of PIK commented:
"We have positive outlook to our partnership with Nomos-Bank. Financing of PIK activities and joint marketing of mortgage programs with Nomos-Bank will help us to execute our development projects in mass market housing more efficiently."
Editor's notes:
Nomos-Bank was founded in the year 1993 as Joint-Stock Investment Commercial Bank and since then has evolved into one of Russia's leading private financial institutions. Currently, Nomos-Bank is dynamically growing, one of the leading Russian banks. It is listed in the TOP-15 Russian banks by assets. Total assets as of June 30 2009 in accordance with IFRS amounted to RUB253,4 billion (approximately US$8,7 billion) with a credit portfolio of RUB162,9 billion and equity of RUB50,7 billion. Net income for the period equaled to RUB3,3 billion.
Nomos-Bank's website address is: www.nomos.ru
PIK was founded in 1994 and represents one of the leading vertically integrated residential developers focusing on mass market housing. Its business activities are concentrated in Moscow, Moscow region and Russia's other regions. Its principal activity is development, construction and sale of residential properties in large scale developments targeted primarily at the middle income housing market in Russia.
Since inception, PIK has completed over 9 million square meters of residential housing, which is equivalent to approximately 150,000 residential units across Russia.
PIK Group's website address is: www.pik.ru
Enquiries:
PIK Group Tel: +7 495 505 97 33 ext. 1358
Viktor Szalkay
Head of Investor Relations
Citigate Dewe Rogerson Tel: +44 20 7638 9571
Tom Baldock
Lindsay Noton
Nomos Bank Tel: +7-495-797-3269
Valery Zinchenko
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of PIK. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. PIK does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in PIK's projections or forward-looking statements, including, among others, general economic conditions, PIK's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to PIK and its operations.
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