Rashnikov consolidates stake in MMK in Cyprus-based Mintha Holding
MOSCOW. Dec 22 (Interfax) - The largest beneficiary of MMK Group, the main asset of which is OJSC Magnitogorsk Iron & Steel Works (MMK), Viktor Rashnikov, has consolidated his stake in the Cyprus-based Mintha Holding Limited, of which he is a beneficiary.
According to MMK, the other company of Rashnikov, Fulnek Enterprises Limited gave Mintha 41% of MMK, as a result of which the stake of the first fell to zero and the stake of the second rose to 87.26%.
MMK did not disclose the reason for the redistribution Rashnikov's stake in the MMK between his structures to Interfax, and only said: "The transfer of shares was initiated by the main beneficiary of the company."
Earlier MMK CFO Sergei Sulimov said that Rashnikov may sell a portion of his stake already next year to increase the free float of MMK to 15% in order to support the liquidity of the company's securities, and also as one of the measures to include MMK shares in the MCSI Russia index in the future.
MMK is one of the largest producers of metal products in Russia.
