21 Mar 2022 16:59

Mikhelson transfers around 14% stake in Novatek to direct ownership, eliminates Cyprus 'layer'

MOSCOW. March 21 (Interfax) - PJSC Novatek CEO Leonid Mikhelson has officially registered direct ownership of a 14.3925% stake in the company that Cyprus-based SWGI Growth Fund Limited, which Mikhelson controls, previously owned, the Russian independent gas producer said in statement.

According to Novatek, Mikhelson on March 17 received dividends from the SWGI fund in the form of 437,000,126 ordinary shares of Novatek, which is the entire package that was previously on the fund's balance sheet.

According to the latest available information, Mikhelson is Novatek's largest shareholder with a 24.76% stake. Gennady Timchenko owns 23.49%, France's TotalEnergies has 19.4%, and Gazprom owns 9.99%, with just under 20% of the shares traded abroad.