Russian Billionaire Sells 10% Stake of His Holding Company

Russian billionaire, Alisher Usmanov, in the metal and mining industry sold a 10 percent stake in his holding company to his partners as he fulfilled his promise to reward management.

Usmanov has also about 30 percent of Arsenal Football Club and is an investor investor in MegaFon, the Russian mobile-phone operator.russia2

His main assets come from USM Holdings Ltd in which he will retain 48 percent of the voting rights. The 10 percent stake is being allocated among and acquired by senior executives, including USM Chief Executive Officer Ivan Streshinsky, OAO MegaFon (MFON)CEO Ivan Tavrin and USM directors.

His fortune was mainly built through the Metalloinvest Holding Co. (METIN) iron and steel business, estimated estimated at $17 billion by the Bloomberg Billionaires Index.

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Usmanov’s first investment in the metals and mining industry was a stake in the Oskol Elektrometallurgical Plant, known as OEMK, bought in the late 1990s. The facility, about 600 kilometers southwest of Moscow, is Russia’s seventh-largest steel plant, according to the Metalloinvest website.

“Having founded the group with the initial acquisition of OEMK, and having built USM into one of the largest and most successful diversified international holding companies over the last two decades, I am convinced that through the combination of the group’s strong balance sheet and young and effective management, the prospects of USM for future growth are strong and exciting,” Usmanov said in the e-mailed statement.

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Source: Bloomberg

Camilla G.//SMC Editor

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