Russia’s Onexim Group, one of the largest investment funds in Russia, has sold its 20 percent shareholding in Uralkali PJSC to Belarus businessman and chief executive of Belarus’ Yuras Oil Ltd., Dmitry Lobyak, and likely strengthens Uralchem JSC’s hold on the Russian potash company.
Yuras Oil is the authorized distributor of Uralchem’s products to a number of Belarusian companies, according to its website, and Uralchem, which owns a 19.99 percent stake in Uralkali, has a long-standing supply partnership with Lobyak, according to media reports.
Onexim has not disclosed any details of the transaction price nor officially announced the sale of the stake. Uralkali declined to comment. “We are not a party in this deal, so we cannot comment on any aspect,” a spokesperson for the company said. Onexim and Uralchem have yet to respond to Green Markets’ enquiries.
There had been speculation for a while that the Onexim Group, which is owned by Russian billionaire Mikhail Prokhorov, was looking to sell its Uralkali holding. Last week, the investment group said a media report suggesting it was preparing to sell off [all] its Russian assets was inaccurate. Onexim purchased Uralkali’s major shareholder Suleiman Kerimov’s 21.75 percent stake in the potash company in November 2013, subsequently raising the holding to 27.09 percent by April 2014. Onexim’s stake in Uralkali fell to its current level in June 2015 following a buyback by the potash producer.