There have been changes in the composition of the shareholders of PJSC Magnitogorsk Iron and Steel Works. 79.76% of MMK shares owned by Mintha Holding Limited (Republic of Cyprus) became the property of Altair LLC (Magnitogorsk, Russian Federation).
The ultimate beneficiary of both companies is Viktor Rashnikov, Chairman of the Board of Directors of PJSC MMK, according to the information department of the plant.
The transaction was completed on February 28, 2022, the necessary notifications were submitted to the regulatory authorities.
As of March 3, 2022, 20.24% of MMK’s shares are in free float.
“PJSC MMK emphasizes that the restructuring was carried out within the framework of one group of persons. At the same time, Viktor Rashnikov remains the only beneficiary of the MMK shareholding, as the only participant in the buyer (Altair LLC),” the statement reads. in the message.
The company says that “this transaction was carried out as part of the previously planned change in the structure of ownership of MMK shares with the transition from Cypriot to Russian jurisdiction.”
“The decision to restructure was made taking into account the decrease in the attractiveness of Cyprus in terms of holding and managing Russian investments, as well as in order to use the advantages created in Russia in the field of corporate regulation and the legal and investment rules existing in the Russian Federation that apply to Russian legal entities and individuals . When making the transaction, the actual circumstances that arose last week on the financial and stock markets were also taken into account, ”commented at MMK.
After the announcement of the special operation in Ukraine, Russian companies are suffering enormous losses due to the sanctions imposed by the world community. Over the week, large Russian entrepreneurs lost $48.32 billion, Bloomberg wrote earlier.
