Since December, Eurocement’s controlling shareholder and Chairman of the Board of Directors of «EUROCEMENT group» Filaret Galchev has ceased to be a billionaire. About it write the Russian «Vedomosti».
In mid-2014, the Bloomberg Billionaires Index estimated the state Galchev 5.6 billion, at the end of December — $ 1 billion and about $ 305 million at the moment.
Bloomberg relates that the first, with the decline of demand for building materials amid a global slowdown of economic growth. Secondly, the Agency, citing three knowledgeable source reports that in January 2016 the Russian Sberbank announced a margin call on the loan Eurocement secured 6,12% stake LafargeHolcim Ltd. a value of 1.5 billion dollars.
The Agency calls Galchev first since 2008, the Russian billionaire who lost large foreign asset because his credit was provided margin call.
Earlier the Financial Times wrote that Galchev was forced to sell his stake in the LafargeHolcim because of the need to increase the collateral for the loan granted his company, Eurocement via Bank of America Merrill Lynch. Eurocement attracted at the time a loan to buy shares in 6,12% in the world’s largest cement manufacturer LafargeHolcim.
However, given the instability in global financial markets, the stock price LafargeHolcim fell by more than 40% over the last six months.
After requirements to increase security against the loan granted for the purchase of these shares, Eurocement sold its interest in LafargeHolcim Russian Sberbank with the option to buy back, wrote FT.
In early February Sberbank sold 6,12% share LafargeHolcim Limited by price 36,25 Swiss franc apiece, while he acquired their 41 franc.
Margin call — the requirement for the borrower to pay a certain amount representing the difference resulting from the devaluation of securities, currencies, commodities, referred to the provision of any warranty; it is used to ensure various kinds of credit operations.
For example, a Bank granted the company a loan of securities provided that the value of the collateral must not be less than the size of the loan with interest.
If at the time of the loan the market value of the securities fell, according to the terms of the agreement the Bank may require to change the ratio between the amount of the loan and a pledge by early repayment of the loan or increasing the number of securities transferred as collateral.
Media: Sberbank of the Russian billionaire became a millionaire 09.02.2016