In the framework of developing its cooperation with Russian Sea Group of Companies, VTB Bank has granted JSC Russian Fish Company a RUB 1.7 billion loan maturing in June 2011.
The company will channel these funds to refinance its existing debt and replenish its working capital. The funding is provided within the consolidated RUB 5 billion limit set for the Group. The Group’s current debt to the Bank amounts to RUB 2.96 billion.
The long-term cooperation between VTB and the Group has been mutually rewarding. VTB services all settlements related to Russian Sea’s foreign trade activity, i.e. foreign exchange operations and currency control. Besides, VTB24 is engaged in the payroll project for the Group employees. Russian Sea Group of Companies is also an active user of the Bank’s depositary services.
Russian Sea Group of Companies comprises JSC Russian Sea and JSC Russian Fish Company.
JSC Russian Fish Company is Russia’s largest trader of frozen and cooled fish and seafood. This company accounts for up to 70% of the Group’s proceeds. The company imports about 80% of all purchased products, and has long-term contractual relations with foreign and domestic fishery leaders.