Ingosstrakh is going to step up the capital to 10 billion rubles by placing 7.5 billion new registered stocks, 1 ruble par each.
Photo: Dmitry Lebedev
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Ingosstrakh to Step Up Capital in Secret
Russia’s insurer Ingosstrakh attempts to step up the authorized capital four fold to 10 billion rubles. The notifications about the EGM that will sanction the increase are being served to minority holders all this week. But top managers of Ingosstrakh deny the EGM plans and this secrecy prompts analysts to speculate about Oleg Deripaska’s desire to water the share of new partner in Ingosstrakh – the venture of Generali and PPF.
Ingosstrakh minority holder Igor Makarov said he received notification about the EGM Tuesday. Judging by the absentee ballot, the highlight of the order of business will be the increase in Ingosstrakh authorized capital up to 10 billion rubles by placing by close subscription 7.5 billion new registered stocks, 1 ruble par each.
Another evidence proving that the EGM is really prepared is the SPARK database, showing that Depository & Clearing Co., which is the nominal holder of Ingosstrakh stocks, applied for the list of owners of Ingosstrakh securities, giving the future EGM as the reason of inquiry. The register was closed August 22.
But top managers of the company are still unaware of mysterious meeting of holders. “I have no official information about it,” said Ingosstrakh General Director Alexander Grigoriev, who is also the BOD member at insurer.
According to official data, 86 percent of Ingosstrakh stocks are distributed between six companies, and Oleg Deripaska personally owns another 10 percent. Of those six companies, four control 54.44 percent in Ingosstrakh on behalf of Deripaska, while the venture of Italian Generali and Czech PPF (where the Italian company controls 51 percent) has 31.71 percent. The remaining 3.86 percent of stocks belong to minority holders.
www.kommersant.com
All the Article in Russian as of Sep. 27, 2007
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