3 Mar 2010 11:59

State Street Bank and Trust Co. doubles stake in Razgulay to 10.56%

MOSCOW. March 3 (Interfax) - State Street Bank and Trust Company has increased its common-share holding in OJSC Razgulay Group from 5.27% to 10.56%, a statement from the Russian agri-holding says.

Razgulay learned of the change on March 2, when it received a list of shareholders ahead of a meeting. State Street Bank and Trust, part of the U.S. corporation State Street, bought into Razgulay in March of last year.

State Street manages investments and provides holding services for depository securities, brokerage services, and fund and investment-management services. It was founded in 1832 and is headquartered in Boston, Mass.

The Razgulay Group was founded in 1992 as a grain and sugar trading company. The group now has two holdings - grain and sugar - and produces, processes and sells agricultural products. Razgulay owns 36 grain, flour milling and cereal enterprises, 12 sugar mills and one canned dairy products plant. It has land in eighteen of Russia's regions.

Razgulay carried out an initial public offering in March 2006, from which it raised $144 million. In November 2007, it raised $66.5 million by placing 14 million supplementary shares in a secondary public offering. Existing shareholders used their preemptive rights to buy 87% of the shares.

Razgulay President Igor Potapenko is the company's main beneficiary.