Control of PhosAgro's foreign trading transferred to management
MOSCOW. March 18 (Interfax) - Fertilizer producer PhosAgro has transferred control over foreign trading to Negrino Limited, established by the management of trading entities.
PhosAgro's stake in the charter capital of Phosint Limited, through which the company controlled all foreign trading, was reduced to 5% after the additional share issue in favor of Negrino, the company said. The latter now owns a 95% stake in Phosint.
"Amid the growing number of restrictive measures in several countries, changes in Phosint Limited's ownership structure will help ensure the uninterrupted supply of PhosAgro's products to international trading companies," PhosAgro said.
"Despite the high degree of volatility and uncertainty in markets, PhosAgro remains focused on continuing its stable operations and is committed to doing its utmost to meet its obligations in a suitable manner," it said.
The Guryev family controls 48.5% of PhosAgro, both via a trust and directly. St. Petersburg State Mining University Rector Vladimir Litvinenko holds 21%, and the free float is 30.5%.
The EU on March 9 sanctioned Andrei Guryev, then CEO of PhosAgro. He then stepped down as CEO and resigned from the board of directors, as did his father, also called Andrei.
Mikhail Rybnikov, a senior manager, was named as the new CEO.