Support The Moscow Times!

Otkritie Buys 11.4% Stake in PIK Group

Otkritie Securities has acquired an 11.4 percent stake in PIK Group, one of Russia's largest property developers, Kommersant reported, citing PIK.

The shares were purchased for nearly $37 million during a recent secondary share offering.

Otkritie deputy CEO Aleksei Kurakhan said that the shares were bought on behalf of the company's clients. PIK said that one of the clients was Suleiman Kerimov's investment vehicle Nafta Moskva.

Before the share offering, Nafta Moskva held a 38.3 percent in PIK group. This figure has since dropped to 36 percent.

Other notable shareholders include Mikhail Shishkanov, whose stake has dropped from 19.99 percent to 14.6 percent, and the state-owned company VTB, whose holding has dropped from 8.84 percent to 6.6 percent.

Meanwhile, the share offering has seen PIK president Pavel Poselenov increase his stake to 0.0379 percent, while vice president Artyom Eyramdzhants, has increased his stake to 0.0038 percent.

Last week, PIK announced that it would raise around $330 million from the sale of 167.2 million new shares.

The funds will be used to help pay off company debt, which — as of April this year — amounted to over $1 billion.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.