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SIBUR largest shareholder reduces its stake to 36%

April 16/2021

MOSCOW (MRC) -- SIBUR's main shareholder, Leonid Mikhelson, has reduced the effective ownership of the company's shares to 36% from 42.23% as a result of the sale of Trust 2 OOO (owns 6.25% of SIBUR shares) to Sogaz's subsidiary, according to the company's press release.

Thus, SIBUR Holding received a notification that on April 2, 2021, JSC SOGAZ Tower (a subsidiary of SOGAZ JSC) acquired the ownership of 100% of the authorized capital of Trust 2 OO, which owns 6.25% of the company's shares. Hence, L. V. Mikhelson's effective stake in SIBUR went down to 36%.

The transaction does not give rise to any breaches of covenants or other restrictions by SIBUR Holding or among the Companys shareholders. Leonid Mikhelson is still the Companys major shareholder and chairs its Board of Directors.

Thus, SOGAZ increased its stake in SIBUR to 12.5%.

As MRC reported earlier, on March 16, 2021, L. Mikhelson reduced its effective ownership of the company's shares to 42.23% from 48.5%, having sold to SOGAZ the rights to 100% of the shares of Trust 3 OOO, which owns 6.25% of the petrochemical company.

As for the rest, the structure of SIBUR shareholders has not changed. Gennady Timchenko owns 17%, Kirill Shamalov - 3.9% of the company's shares. 10% each are at the disposal of Sinopec and the Silk Road Fund, 10.6% of the shares are controlled by the current and former management of the company. The share of L. Mikhelson in the authorized capital of SIBUR also decreased - to 21.59% from 27.83%, according to the company. The share of  SOGAZ in the authorized capital of the petrochemical company is now 12.5%.

We remind that SIBUR Holding's revenue decreased by 1.6% last year and to Rb523 billion. At the same time, SIBUR increased EBITDA to Rb179 billion, up by 5.4% year on year.

We also remind that in December 2020, SIBUR Holding chose Spheripol LyondellBasell polyolefin technology for its Amur Gas Chemical Complex (AGHK), which is under construction. The technological process will be used at a polypropylene (PP) plant with a capacity of 400,000 mt/year, which will be built in the town of Svobodny, Amur Region.

According to MRC's ScanPlast, Russia's overall PP production increased by 31% year on year in 2020, totalling about 1,883,000 tonnes. The main increase in production was provided by ZapSibNeftekhim.

SIBUR is the largest vertically integrated gas processing and petrochemical company in Russia, uniting a number of production sites in various regions of the Russian Federation. The company sells products to consumers in the fuel and energy complex, automotive, construction, consumer goods, chemical and other industries in more than 80 countries around the world.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, petrochemistry, Sibur Holding, LyondellBasell, Amurskiy GHK, ZapSibNeftekhim, Russia.
Category:General News
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