Sollers senior management pays 4 bln rubles in 2022 to acquire 77.6% in automaker from Shvetsov

MOSCOW. March 27 (Interfax) - Sollers senior management paid 4 billion rubles in June 2022 to acquire a 77.6% stake in the automaker from former principal owner Vadim Shvetsov, according to the financial reporting of Alter Invest LLC, the group's current controlling shareholder.

The shares were purchased by the company from Serenity Invest LLC (formerly Sollers Group LLC) controlled by Shvetsov under a purchase and sale agreement dated June 20 with an option to buy back up to 50%.

"At the lapse of 1 year after the buyer's acquisition of the ownership rights to shares of PJSC Sollers, the seller has the right to demand from the buyer to sell back of up to 50% of PJSC Sollers shares to the seller," the Alter Invest reporting indicates.

Sollers shares have been pledged in favor of the seller since July 6 last year "until the buyer has completely fulfilled all of its obligations under the agreement."

According to statements from Alter Invest, at the end of 2022 financial investments were reevaluated taking into account current market value - from 4 billion rubles to 5.35 billion rubles.

The deal on the sale of Shvetsov's stake in Sollers was announced in the media on June 27. At that time Sollers noted that the change in the shareholding structure of the group had taken place as a result of a management buyout deal. National daily Kommersant reported citing a source that the deal was closed on June 24 and was concluded based on the market value of the assets. The newspaper noted that the capitalization of Sollers amounted to 5.8 billion rubles as of June 24. As such, the value of Shvetsov's stake was 4.5 billion rubles.

The shareholders of Alter Invest are Sollers executives Adil Shirinov (39.5%), Nikolai Sobolev (35.5%), Zoya Kaika (20%) and Viktor Khvesenya (5%).