Aurora Russia Limited, the AIM-quoted investment vehicle established to make equity or equity-related investments in small and mid-sized private companies in Russia, has completed the seco
Aurora Russia Limited, the AIM-quoted investment vehicle established to make equity or equity-related investments in small and mid-sized private companies in Russia, has completed the second stage of its investment in Unistream Bank. This brings the company’s total shareholding in Unistream to 26%.
Aurora Russia initially invested USD13.6 million (GBP6.9 million) for a 17.7% stake, which was announced in April 2007. Having just received approval from the Central Bank of Russia to take a stake of over 20% in Unistream, Aurora Russia has purchased an additional 8.3% stake for USD6.4 million (GBP3.1 million). Management accounts show that USD1.85 billion was transferred through Unistream in 2006 making it one of the leading money transfer companies in Russia. Management have also stated that by June 2007 its monthly volumes had reached $300 million, representing approximately a 90% increase over the same period in 2006.
‘We have been delighted with the investment in Unistream to date and are pleased to have secured this increased holding, says Aurora director James Cook. ‘The Russian money transfer market continues to show extremely high rates of growth and is one of the fastest growing money transfer regions in the world.’
