Russia's VTB acquires Pokrovsky agroholding for investment purposes, planning future sale
MOSCOW. Dec 26 (Interfax) - VTB has confirmed the acquisition of Agrocomplex Labinsky, which manages the assets of the Pokrovsky agroholding, and the bank intends to enhance the asset's attractiveness and sell it at a profit in the foreseeable future, the group said.
Until 2023, the main owners of Pokrovsky were former inspector of the Russian presidential representative's office to the Southern Federal District Andrei Korovayko and his business partner Arkady Chebanov. In October 2023, the Labinsk City Court upheld the Russian Prosecutor General's Office's claim to transfer Pokrovsky's assets to the Russian Federal Property Agency (Rosimushchestvo), citing corruption allegations against Korovayko and Chebanov. Korovayko had for years exploited his official position to seize others' businesses and create his own, with participation from judges of the Rostov Region Arbitration Court, the court said.
After nationalization, management of the holding's assets was entrusted to Agrocomplex Labinsky. In December 2023, Alexei Skorobogatov, who has over 10 years of experience in the agricultural business including roles at Cherkizovo and Demetra-Holding, was appointed the company's general director.
According to the Unified State Register of Legal Entities, on December 19, Megatek became the new owner of Agrocomplex Labinsky LLC, replacing Rosimushchestvo. Megatek is 99% owned by BF Direct Investments. BF Direct Investments was established in 2018. According to its 2020 financial reports, 99% of the company was owned by Business-Finance, which at the time was controlled by VTB Bank.
"VTB Group confirms the acquisition of Agrocomplex Labinsky, which manages the assets of the Pokrovsky agroholding. We view this deal as an investment aimed at enhancing the asset's appeal through improved efficiency and optimization of non-core activities, as well as preserving and expanding the expertise accumulated in the agricultural sector. We plan to sell the asset at a profit in the foreseeable future. At present, there are no planned changes to the management team," VTB said.
Pokrovsky is a diversified agricultural holding of more than 35 enterprises in five segments in the Southern Federal District. It specializes in crop production, dairy and beef cattle breeding, sugar production and meat processing.
The change of ownership of Agrocomplex Labinsky will not affect the company's overall development strategy, the company said in a press release.
"The overall rejuvenation of the holding's enterprises, and increased automation and renewal of fixed assets, governance and financial reporting transparency and labor productivity remain our absolute priority," Skorobogatov was quoted as saying.
Agrocomplex Labinsky had stable operating results in 2024. The production of high-quality crops wheat, barley, corn, sugar beet, soybeans and sunflower increased, including winter wheat by 9% and winter barley by 29%. Daily gross milk yield reached 350 tonnes for the first time, and milk yield per forage cow increased by an average of 8% over the year, and between 4% and 12% at individual enterprises. The Kurganinsky Sugar Refinery processed 22% more beet in 2024 and produced 25% more sugar.
Earlier, the agrocomplex's press service published an estimate of the value of its property transferred to the state, which put it at approximately 100 billion rubles.
