11 Aug 2023 10:46

Marathon Group sells stake in Demetra Holding

MOSCOW. Aug 11 (Interfax) - SPN, a division of Alexander Vinokurov's Marathon Group, has divested its stake in Russian export logistics and grain trading group Demetra Holding, a source familiar with the deal told Interfax.

"The deal was for cash and Marathon Group made a profit on the investment in Demetra Holding," the source said, declining to comment further.

It was reported earlier that Marathon Group owned 10.57% of Demetra Holding through SPN LLC, having become a shareholder of the group in 2020.

Demetra Holding confirmed that SPN has sold its stake in the company. Marathon Group's press service declined to comment.

Demetra Holding includes Russia's largest grain terminals: Novorossiysk Grain Terminal (100%), Novorossiysk Grain Processing Plant (35.36%) and Taman Grain Terminal Complex (50%). The group also owns 50% minus one share in JSC United Grain Company (UGC), 100% of freight rail operator Rusagrotrans and other assets.

VTB head Andrei Kostin said in July that the state bank, which owned 45% of Demetra Holding, had divested its stake in the group. He did not name the buyer. Later in July it was reported that Oman's Southern Sea Investment LLC will acquire a stake in Demetra Holding. The principal owner of this company is an investment fund owned by Oman.