Page 132 - RusRPTJun19

on April 6 citing unnamed sources.
Since 2018 Gutseriev's Safmar Group has been making headlines due to the mega-merger of its electronics retail assets, the consolidation of oil assets, and reported interest in children’s' goods retailer Detsky Mir.
Gutseriev, 58, is worth an estimated $6.7bn and raked in $500mn from the successful IPO of his anchor energy asset Russneft in November 2016, which is the source of most of his wealth. Russneft doubled its IFRS net profit in 2018 to RUB14.8bn ($228mn).
Most recently Gutseriev acquired a controlling stake in the Afipsky oil refinery in the southern Krasnodar region from the Deputy CEO of UralSib Bank Yevgeny Kogan, Kommersant business daily reported on April 29 citing unnamed sources.
Now Safmar is also strengthening its positions on the coal marker, as Russian Coal controlled by the group will take over the operations of KTK. The cost of KTK consolidation was not disclosed.
KTK operates retail coal distribution network in four regions of Western Siberia, as well as extraction and production assets that increased the output of thermal coal by 18% to 15.7mn tonnes, boosted net profit 2.8-fold to RUB6bn, and doubled Ebitda to RUB10.6, according to RBC.
The main remaining minority shareholder in KTK after the deal is Prosperity Capital Management with 25% share. Reportedly, they have not yet received any buyout offers from Gutseriev and his partners, while the 2018 dividend payout by KTK is still undecided.
132 RUSSIA Country Report June 2019 www.intellinews.com