25 Apr 2023 10:56

Russian entity controlled by Abramov and Frolov becomes holder of 1% of Nornickel shares

MOSCOW. April 25 (Interfax) - Tasey Holding LLC, controlled by Evraz founders Alexander Abramov and Alexander Frolov, acquired a 0.99% stake in MMC Norilsk Nickel in 2022, according to the LLC's reporting.

Tasey Holding did not hold Nornickel shares as of the end of 2021.

The stake it held as of the end of 2022 was worth around 23.15 billion rubles. Nornickel's market cap shrank by around a third last year amid a general decline for the Russian stock market, and Tasey Holding reported a loss of 8.6 billion rubles from the impairment of the share package's value.

The stake is held as security, the report says.

The stake consists of 1.513 million shares with a current market value of 23.7 billion rubles going by Moscow Exchange prices.

Tasey Holding was registered just outside Moscow in 2021. Its sole owner, according to the Unified State Register of Legal Entities, is RCP LLC, which is owned by Invest AG LLC, in which Abramov owns a 49.15% stake and Frolov 32.02%. Another 15% belongs to Andrei Dudko, the main owner of the Ferro-Stroy development company. The remaining interest in Invest AG belong to its senior management.

Invest AG participates in a number of development projects through its subsidiaries, and owns real estate, land and other assets.

Vladimir Potanin's Interros owns 37% of shares in Nornickel and UC Rusal controls 26.39%, according to the Nornickel website.

Crispian Investments, controlled by Roman Abramovich and Alexander Abramov, owned around 4.7% of Nornickel according to data for 2021. Up-to-date information on the share of partners and the structure of their ownership of Norilsk Nickel shares is not disclosed. It has not been possible to contact representatives of the businessmen.