Russian billionaire Mikhail Gutseriev’s RussNeft plans Initial Public Offering (IPO), RussNeft shareholder and Chairman of the Board of Directors of B&N Bank, Gutseriev’s nephew, Mikhail Shishkhanov, said.
RussNeft plans to place 25-49% share in the exchange. “The deal may be reached in the fourth quarter of 2016,” APA cited him as saying.
Currently, Gutseriev and his family have 54% share in RussNeft. Remaining 46% belongs to Swiss Glencore company. “It’s early to say anything about sharing after IPO. This will depend on parameters of the deal. However, it’s exact that Gutseriav will remain as a major shareholder,” Shishkhanov added.
Shishkhanov also noted that an investor from CIS is ready to invest $1 billion.
He added that prior to IPO, oil areas of Gutseriev’s Global Energy in Azerbaijan will be transferred to RussNeft. Gutseriev established Global Energy in 2007. Moreover, Global Energy’s assets in Kazakhstan may also be transferred to RussNeft.
