Support The Moscow Times!

Kerimov Sells PIK Stake

Tycoon Suleiman Kerimov has sold his 36 percent stake in Russia's biggest homebuilder, PIK, further reducing his investments in the country, according to statements by the company and its financial adviser Otkritie Financial Corp.

Based on the market value of  PIK the stake would be worth about $515 million.

Kerimov, who recently sold his 21.75 percent holding in potash giant Uralkali, sold the stake in PIK to property investor Sergei Gordeyev and businessman Alexander Mamut, who owns a stake in precious metals miner Polymetal, the statements said.

Mamut and Gordeyev bought 16.02 percent and 19.9 percent respectively. The price of the deal was not disclosed. The holding in PIK was owned by Kerimov's Suleiman Kerimov Foundation.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more