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bne December 2019 Companies & Markets I 13
Russia's billionaire car salesman, owner of Rolf to sell up
bne IntelliNews
The owners of the largest car dealer in Russia, Rolf, are looking for buyers for 100% in the company, Vedomosti daily reported on November 14 citing the founder of the dealer Sergei Petrov.
Petrov’s son Alexander controls 98.32% in the Cyprus- registered Delance Limited that controls the dealer.
One of Russia’s oldest car dealerships, the company was
set up by former taxi driver Petrov in the early 90s. Petrov built the company up from nothing by doing honest business and offering value for money at a time when the car
sales and import business was highly corrupt, he told
bne IntelliNews in an exclusive interview “Sergei Petrov – Russia's billionaire car salesman”. The company was called Rolf to emphasis its foreignness as Rolf is never used as
a name in Russia.
However, he has fallen foul of suspected corporate raiding and ennui at his success and the company’s offices were raided in June as part of a money laundering investigation. Petrov was ordered not to leave the country. He denies any wrongdoing and claimed the investigation was part of a corporate raid.
In March, the company announced it is considering an IPO. According to the latest reports the asset will first be proposed to a small number of undisclosed investors in Russia and abroad. Rolf made RUB230bn revenues and RUB6.3bn
in net profit in 2018.
Analysts surveyed by Vedomosti remind that the car market is in decline and that Rolf has RUB20bn debt to Sberbank, FC Otrkitie, and VTB Banks, with the state banks probably being the most likely buyers as none of the industry peers would be currently able to take over Rolf.
Veteran Russian tour operator Intourist reportedly considers IPO
IntelliNews Pro
Russia’s oldest and largest tour operator, Intourist, is planning an IPO, after a buyout of its shares from troubled Thomas Cook by the owner of Anex Tour Neset Koçkar, Reuters reported on November 14 citing an announcement by Intourist.
Koçkar will reportedly acquire the domestic and foreign tour operating business of Intourist, its retail chains, information systems, and other assets for an undisclosed amount. Anex Tour is one of the largest tour operators in Russia, but the Intourist brand will be preserved.
“After recapitalising and restructuring the company we will turn Intourist into a truly people’s company through an IPO in Russia,” Koçkar is quoted as saying without providing the timeline or amount of the possible placement. Previously Koçkar acquired 8% in Thomas Cook, becoming its second-largest shareholder.
Intourist was founded in 1929 and took care of tourist visits to the Soviet Union, international festivals, artistic tours, and state visits.
Anex now operates under the name Anex Tour in Russia, Ukraine, Kazakhstan, and Germany and also with its OREX Travel tour operator companies in Czech Republic, Slovakia, and Poland. The group carries 3mn tourists each year. In Russia it operates 318 offices.
The group operates 26 Boeing aircraft with three different airline companies in Russia, Ukraine, and Germany under the brand AZUR Air. Also, it has AZEX brokerage company operating in aviation, ADO Aviation, a private air transport company, and AZUR Aviation, a technical service company.
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