26 July 2013 20:42 [Source: ICIS news]
HOUSTON (ICIS)--Russian billionaire Alexander Nesis via his holding company ICT Group has sold his stake in potash producer Uralkali, the fertilizer major said on Friday.
With an estimated 20% share of global potash production, Uralkali is considered one of the world’s largest producers and operates five mines and seven ore-treatment mills within Russia.
Nesis bought a 13.2% interest in Uralkali back in 2010 but has since been reducing that stake to where he had just 5.1% remaining. Analysts estimate that balance could have been worth around $870m (€653m) at market value.
According to ITC the shares were sold in small transactions over the past few months, but neither company is providing any details about who may have acquired the stock other than to say it was from buyers representing several portfolio investors.
Uralkali said it now has a free float of approximately 58% of readily tradeable shares. In June the company purchased back a 6.4% stock portion from minority shareholder Zelimkhan Mutsoev for $1.3bn.
ITC also informed the producer that Alexander Malakh, ITC Deputy Chief Executive, would be immediately resigning from the Uralkali board of directors.
($1 = €0.75)
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