PJSC PhosAgro, Moscow, announced on March 18 that it has reduced its stake in Phosint Ltd. as a result of the issue of additional shares to Negrino Ltd., which was established by the management of the company’s trading structures.
The acquisition by Negrino of a 95 percent stake in Phosint and the corresponding reduction in PhosAgro’s stake in Phosint to 5 percent was the result of a management buyout of Phosint by its trading structures, the Russian fertilizer group said in a statement.
PhosAgro controlled all its foreign trading companies through Phosint, and which will now be handled by Negrino.
“Amid the growing number of restrictive measures in several countries, changes in Phosint Ltd. ownership structure will help ensure the uninterrupted supply of PhosAgro’s products to international trading companies,” the Russian fertilizer group said.
Despite the high degree of volatility and uncertainty in markets, the group said it remains focused on continuing its stable operations and “is committed to doing its utmost to meet its obligations in a suitable manner”.
The group’s CEO, Andrey A. Gurvey, on March 10 resigned the position, and from PhosAgro’s Board of Directors as well, after coming under European Union sanction (GM March 11, p. 1). Guryev’s father, Andrey G. Guryev, who was founder of PhosAgro and whose family holds a controlling stake in the company, also resigned from their PhosAgro Board memberships.