A1 acquires stake in plastic pipe maker Polyplastic, considering IPO
MOSCOW. May 11 (Interfax) - A1, the investment arm of Russia's Alfa Group, has acquired control of 50% of shares in Cyprus-based APG Polyplastic, which owns 96.5% of polymer pipe manufacturer Polyplastic, A1 said in a statement.
The price of the deal was not specified.
A1 said it plans to work with other shareholders and the management of the Polyplastic group to increase the efficiency and transparency of the company's operations, and bring corporate governance up to international standards.
Polyplastic has good prospects for growth in the next five to seven years and carry out an IPO, particularly considering the strong potential for the development of the market and the company's leadership in the industry, A1 said.
The Polyplastic group includes 15 enterprises in the polymer pipe industry, located in Russia, Belarus and Kazakhstan, with combined capacity to manufacture about 300,000 tonnes of products per year. The company earned revenue of 29 billion rubles in 2014, according to Forbes.
