Holding Roads sells the remaining stakes in 2 main subsidiaries (NEGATIVE)

The road construction company announced that it sold the 32.17% stake in PST Holding and the 32.16% in Patengineering-M. The stakes in the two subsidiaries were directly held by Patista I Magistrali (99% subsidiary of Holding Roads). Recall that in September 2010, Patista I Magistrali reduced the 100% stakes in PST Holding, Patengineering-M and Vidapatstroy as a result of the capital increase of the subsidiaries. We view this development as negative since most contracts of the group are executed by PST Holding and Patengineering-M.