VTB is ready to sell the remaining stake in the chain of fast food restaurants Burger King in Russia. The book value of the bank's 16.62% is 4.6 billion rubles. Five years ago, a comparable package in the Russian Burger King VTB sold for 900 million rubles.
The fact that VTB included 16.62% in Burger King Russia in the list of assets for sale, according to the bank's IFRS statements for the year 2017. The probability of selling this share is determined as high. The book value of this package is 4.6 billion rubles.
The press service of VTB reported that the bank did not reduce its stake in Burger King Russia in 2017. "Last year, we reached an agreement in principle to sell 16.62% of the shares. Since the deal did not close last year to the present, but we plan to complete it in the near future, we classified the stake as an asset that is highly likely to be sold, "the bank explained, adding that after the completion of this VTB will retain a 19.98% stake in the company.
VTB acquired 48.8% in the joint venture of the Burger King Corporation and one of the largest franchisees Burger Rus Alexander Kolobov (developing the Chocolate House, Coffee House) in 2012 for $ 50 million. A quarter of this share is about 12% - the bank sold in the spring of 2014 for $ 25 million (then 900 million rubles.), Reducing the size of its participation in the joint venture to 36.6%, Vedomosti reported. Then VTB stated that it intends to invest $ 100 million into development of the enterprise within three years.
Burger King - one of the largest chains of fast food restaurants in Russia. Almost a quarter of fast food institutions operating in the country belong to international corporations. According to data for November 2017, the most selling points turned out to be Burger King, KFC, Subway, McDonald's. In Russia, fast food, according to the NPD Group, accounts for 43% of the total turnover of the catering market (167 billion rubles in January-September 2017). The growth of turnover in the fast food segment amounted to 10% for 11 months of last year. The total expenditure on meals outside the home for the same period increased by 2%, to 500 billion rubles.