Kazakhstan subsidiary of Fonte Capital purchases 18% stake in Samolet from heirs of co-founder

MOSCOW. Aug 10 (Interfax) - The Horizon fund, which represents the interests of the heirs of Samolet Group co-founder Mikhail Kenin, has sold a 17.58% stake in the company.

Samolet said that the stake had been purchased by Private Investment Company Fonte Inceptia Alpha Fund OEIC Limited, registered at the Astana International Financial Center and managed by Fonte Capital Ltd.

The transaction has received all the necessary regulatory approvals, and the transfer of ownership in the stake has been officially registered, according to the statement.

The 17.58% stake totals around 4 billion rubles based on Friday's trading price of Samolet shares on the MOEX index.

"The acquisition of the stake in PJSC Samolet Group, one of Russia's largest real estate developers, will allow the fund to broaden its exposure to the real estate sector. We are sure that Fonte Capital's expertise and experience in equity management and the group's strategic goals will form the basis for mutually beneficial cooperation," Fonte Capital CEO Erzhan Musin is quoted in the statement as saying of the deal.

"We welcome the arrival of a new strategic investor as a shareholder in the Samolet Group. We are consistently bolstering our expertise to address the group's strategic objectives given the current macroeconomic conditions and the situation on the housing market. We are confident that the international experience and expertise of Fonte Capital Ltd. will contribute significantly to achieving the business goals," Samolet CEO Anna Akinshina said.

Samolet's stock price jumped nearly 14% on the news of the change in its largest shareholder, and subsequently corrected slightly.

Samolet Group is Russia's leading property developer in terms of the volume of current construction projects. Pavel Golubkov remains its second biggest shareholder. The company's shares are traded on the MOEX index.