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Russia's VEB buys 25 billion rubles of shares of Sukhoi jet maker

August 29, 2014, 15:26 UTC+3 MOSCOW
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MOSCOW, August 29. /ITAR-TASS/. Russian state-owned Vnesheconombank (VEB) has purchased over 10.23 million shares of Sukhoi Company for about 25 billion rubles, VEB said in a statement Friday.

“The size of the deal is about 25 billion rubles. Sukhoi Company has consequently increased its stake in the Sukhoi Civil Aircraft company,” VEB said, adding that the deal will allow Sukhoi Civil Aircraft to produce up to 60 new SSJ-100 planes per year and it will cut the company’s debt burden.

VEB has an option of selling the shares back to UAC in 10 years.

The deal is fulfilled on President Vladimir Putin’s orders to stabilize Sukhoi Civil Aircraft’s finances, signed in July, 2013. The company’s net loss amounted to 4.5 billion rubles in 2012 and 5.8 billion rubles in January-June, 2013.

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