FAS approves Sibur consolidation of Biaxplen
MOSCOW. March 29 (Interfax) - The Federal Antimonopoly Service (FAS) has approved a request by Sibur Holding to increase its share in Biaxplen from 50% to 100%, FAS materials show.
As reported earlier, the Sibur board discussed the issue in mid-March.
Biaxplen is Russia's main producer of biaxially oriented polypropylene (BOPP). In addition, the company produces barrier films and synthetic paper. It has consolidated capacity of 110,000 tonnes per year.
The Biaxplen production structure consists of four plants: LLC Biaxplen (Nizhny Novgorod), LLC Biaxplen K (Kursk, former Green Plastic Plant), LLC Biaxplen M (Moscow region, former Rosevroplast) and Biaxplen NK (Samara region, former Novatek-Polymer).
According to the SPARK database, Sibur owns 50% of Biaxplen and Cyprus-based Fordinbridge Trading Limited owns the other 50%. Sibur Holding owns 100% of Biaxplen NK. Biaxplen K and Biaxplen M are wholly owned by Biaxplen.
Sibur Limited controls 100% of CJSC Sibur Holding. The principal shareholder of Sibur Limited is Leonid Mikhelson with 57.5%; Gennady Timchenko holds 37.5%, and the remaining 5% of shares belong to Sibur management and deputy board chairman Alexander Dyukov.
It was reported earlier that Mikhelson is considering taking Sibur public. Sources said earlier that Sibur's IPO could take place in 2012-2013.
