12 Mar 2024 15:29

Baring Vostok holds 13.7% of shares in Renaissance Insurance; no info on plans to sell - group CEO

MOSCOW. March 12 (Interfax) - Baring Vostok still directly and indirectly holds 13.7% of the shares in PJSC Renaissance Insurance Group , group CEO Yulia Gadliba said during an interview with Interfax.

"We consider the transfer of control of the stake to a friendly entity to be a positive fact. We have no information about any plans for the further sale of the stake," Gadliba said.

President Vladimir Putin in mid-February this year signed an order authorizing transactions with shares of Ozon Holdings Plc and PJSC Renaissance Insurance Group. An entity associated with the former managers of Baring Vostok Capital Partners (BVCP) in Russia requested the authorization, according to an Interfax source familiar with the situation.

The participants in the transactions were not named in the document dated February 15, neither the sellers nor the buyers.

The BVCP family of funds was a major player on the Russian private equity market. It was announced at the end of December 2022 that BVCP's projects would be split into two parts, with foreign projects remaining with Michael Calvey's Baring Private Equity and his team, while Russian projects would be transferred to local management headed by Yelena Ivashentseva of Vostok Investments Group.

"We confirm that Vostok Investments Holding has received regulatory approvals to buy out the assets of Baring Vostok funds in Russia and are beginning work on the technical closing of the transaction," a Vostok Investments representative told Interfax at the time.