The intrigue around Transaero continues to develop. On November 5, after National Unity Day, for one share of the company on the Moscow Exchange they somehow mystically began to give 30% more than before the holiday. On November 3, they gave 11-12 rubles for them, and on Thursday it was already more than 15. Many financial analysts are trying to answer the question of what is behind this whole story. However, all their experience will not help in this matter. After all, it was originally placed incorrectly. We need to ask not what, but who. There is an answer - Kirill Androsov and German Gref.
Simple Chairman of the Board of Directors PJSC Aeroflot managed on November 2 to disrupt the deal to purchase a 51% stake in Transaero by S-7. Or in another way: the sale of 51% of the shares of Alexander Pleshakov, part of which is pledged to Sberbank, to the owner of S-7 Vladislav Filev as part of the agreement reached on October 21. The deal was terminated immediately after Filev’s meeting with Aeroflot management. Apparently, Kirill Androsov’s story impressed Vladislav Filev so much that his wife Natalya, also a shareholder of S-7, told the business community about the termination of the agreements. She had the right.
When the essence of the story is unknown, it is worth taking a closer look at the narrator. Kirill Androsov is a standard chick of “Petrov’s nest”, if we take as such the mayor’s office of St. Petersburg during the time of the father of his son’s wife, Emmanuel Gedeonovich. In 1996, a young specialist who two years ago graduated from the St. Petersburg Marine Technical University with a degree in Economics and Organization of the Mechanical Engineering Industry became an adviser to the Deputy Chairman of the City Property Management Committee. The current owner of Sberbank German Gref .
In 1997, both received promotions. Gref is now vice-governor, chairman of the Committee for City Property Management of the Administration (KUGI) of St. Petersburg, member of the board of directors of JSC Lenenergo. And his faithful Sancho-Androsov heads the investment projects department of the city’s KUGI. Gref moved to Moscow in 1998. At the same time, Kirill Androsov’s mayoral career ended. He left KUGI St. Petersburg as director of the economics department. He didn’t go “to nowhere”, but even very “to nowhere”. He became Gref’s “supervisor” at his beloved Lenenergo, taking the position of Deputy General Director for Development a year later.
This is how a long-term organized community of two extraordinary intelligent people was formed. One worked in the government as Minister of Economic Development and Trade, rooting with all his heart for Russia’s accession to the WTO. Another was developing Lenenergo with all his might, having unlimited access to government subsidies and accounts, insider information from a partner, as well as Finnish experience in the banking investment company Galza Investments. By 2004, when the government of Mikhail Kasyanov was dismissed, Gref was so firmly entrenched in the White House that he did not even notice the transition period to the Fradkov government. His “golden parachute” was filled and supported by Kirill G. Androsoff, who did not waste time abroad, who mystically graduated from The University of Chicago Graduate School of Business with an Executive MBA course.
The University of Chicago Business School was founded in 1898 and is one of the oldest economic universities in the United States. Considered the “talent source of Wall Street,” it is famous for its high quality of education, strong programs in finance and economics, and a prestigious diploma that opens the doors of even closed investment banks and consulting companies. In addition, the School has a very closed student society, which included many political figures of the country. Rating of the business school named after. Booth at the University of Chicago: in the world No. 1 (version of The Economist), No. 9 (Financial Times), in the USA No. 3 (Businessweek), No. 4 (QS Global MBA and U.S. News and World Report). The school is closely associated with the Dimensional Fund Advisors foundation, founded by David G. Booth, in whose honor it was renamed The University of Chicago Booth School of Business.
Apparently, the reflexes acquired during the partnership forced German Gref to call Androsov to Moscow. He also received an office at the Ministry of Economic Development and Trade and began to replace German Oskarovich in difficult matters of state regulation of tariffs and infrastructural reforms of the economy. At the rank of department head, naturally. According to an acquired career habit, a year later he becomes Gref's deputy minister. As you can see, the roles in the pair were finally distributed. One gradually became a public politician and the country's chief economist, and the second, having entered the boards of directors of the largest companies from the state, in pursuance of the will of the first, began to forge what was “while it was hot.” It’s clear that it’s not iron. Probably a XXXXL size golden parachute, for all two, no less.
In relation to Kirill Androsov, I just want to repeat the word “mystically”. His successful career actually moved in four-year increments. And, as you know, the Chinese have a four, unfortunately. They don't even have a fourth floor in their houses. Immediately fifth after third. In 2007, Kirill Gennadievich took an active part in the attempt to privatize and subsequent sale of Lenfilm. To begin with, at his insistence, Lenfilm was included in the list of objects to be privatized in 2008, despite numerous protests from the cultural community. Then the scheme worked like clockwork: using informal contacts with the vice-governor of St. Petersburg, Alexander Vakhmistrov, Androsov planned to obtain film studio space located in the city center for development. The operation almost took place, but at the last stage female logic intervened. If that’s what you can call the mindset of the city governor at that time, Valentina Matvienko.
It is unclear how Gref’s deputy, who is overseeing the upcoming privatization, Kirill Androsov underestimated the enemy. Probably mysticism also intervened. The minister’s partner responded to the governor’s letter with a reasoned request to exclude Lenfilm from the proscription list in the harsh language of a poster. He said that “the Lenfilm film studio was not unique and belonged to the competitive sector of the economy.” In which she lost to the creditors, and that is why the Ministry of Economic Development and Trade decided to privatize Lenfilm as soon as possible in order to “increase the efficiency of its activities.” He explained to the dull governor that Lenfilm would live an effective, but short life, and she could not influence its duration. Whatever he wants. But Valentina Ivanovna, the most experienced hardware wolf, was able to. She just called the one who decides everything and said everything that needed to be said. The end of Lenfilm did not take place. But Kirill Androsov didn’t understand anything right away. He was busy with other things and did not become distracted by temporary setbacks. After all, he didn’t set up his senior partner Gref? Apparently not.
The parallel operation of the Deputy Minister was aimed exclusively at improving the well-being of a representative part of the Russian people in the form of the owner of AFK Sistema, Yevtushenkov. A friend of his partner German Gref, owner of the Sitronics company. On September 22 in Sochi, a decision was made by the investment commission of the Ministry of Economic Development under the leadership of Androsov on the possibility of allocating 1 billion US dollars (26 billion rubles at the old exchange rate) to this sharashka, which was on its last legs, for 41% of the shares. In preparing for the meeting, Androsov violated all bureaucratic commandments: on September 17, 2007, the ministry received letter No. 11 from the director of the Sitronics-NT company, Korovkin, with the attachment of 8 documents that are considered “mandatory” for submission to the Ministry of Economic Development and Trade when sending an investment application. On the same day, the ministry sent Korovkin a response letter asking him to appear at the commission in Sochi. This is an unbroken record of passing the authorities in the Ministry of Economic Development and Trade - less than one day. Sitronics received money from the Investment Fund, simultaneously deceiving the First Deputy Prime Minister of the Government and the current head of the Presidential Administration, Sergei Ivanov, at the presentation of the Mikron plant in December. But this is not the main thing, because the wiring has gone through. There, instead of producing the latest microcircuits measuring 0.18 microns, he was shown a production line for subway tickets.
The speed of the decision on 26 billion to Sitronics was explained simply. On September 12, Fradkov resigned, and Androsov and his main partner were in acting status. A little more and we might not have made it in time. The scandal happened at the end of April 2008, by which time Gref was already working as the head of Sberbank, his deputy Savelyev, who oversaw the Investment Fund, was Yevtushenkov’s deputy at AFK Sistema, and Kirill Androsov remained in the government of Vladimir Putin as head of the department for ensuring the activities of his reception office. He organized Gref's direct access "to the body." Elvira Nabiullina, who became the head of the Ministry of Economic Development and Trade, never learned to write papers (even just to write correctly in Russian), was a purely nominal figure. All economic decisions were generated in Androsov’s modest office. It was impossible to demolish such a person with some publication in the Tribune. In May 2008, Androsov became deputy head of the government apparatus and began to oversee “electronic government.” In October 2008, he was elected to the Board of Directors of JSC Aeroflot.
A year has passed, as always. Putin’s chief of staff, Sergei Semenovich Sobyanin, ate the dog at the behind-the-scenes games, and therefore knew how to wait. He absolutely did not need Gref’s creature as a deputy. In March 2009, he lulled Androsov’s vigilance by redistributing the responsibilities of his own deputies in his favor. Gref’s partner got the “luck” in the form of supervising the financial, economic and social departments and the work of Putin’s reception, as well as the formation and use of the federal personnel reserve while retaining powers to manage state property, energy, natural resources, industry, transport and communications. Then Sobyanin launched a targeted strike - Androsov was asked to leave, because his “electronic government,” despite the demands of President Medvedev, never worked. Apparently the short supply of microcircuits from Sitronics had an effect, our partners - our heroes - joked later.
As an official of the Ministry of Economic Development and Trade, Kirill Androsov managed to leave his mark on Russian Railways, where, starting in 2011, he headed the board of directors for the same four years. During his chairmanship, manipulations with tariffs ensured the uninterrupted withdrawal of money from the state monopoly, which the state had to compensate for with its endless subsidies.
It took less than six months for effective manager Kirill Androsov, whose effectiveness was confirmed by inclusion in the Young Global Leaders Forum list, for his investment fund Altera Capital to come into being. The former official registered it in Luxembourg, which he could not do while in the government. His partners in the fund were former vice-president of TNK-BP Evgeny Astakhov, ex-adviser to the Minister of Economy Vyacheslav Pivovarov, Alexey Blanin and former managing director of the Swiss UBS AG Philipp Kindt.
Young Global Leaders Forum was created as an independent non-profit foundation under the patronage of the Swiss government. Works closely with the World Economic Forum in Davos to integrate young leaders into all areas of global society. Created by Columbia University, INSEAD, London Business School, Wharton School and a number of individuals.
Altera Capital is a regulated investment fund. It is involved in investments, acquisitions, recapitalizations, financial restructurings, mergers and acquisitions, as well as projects and infrastructures through its Altera Investment Fund SICAV-SIF. Its volume is known - $600 million, but the size of the primary Altera is not. It was with the help of the subsidiaries of this “bundle” that Kirill Androsov continued to make films this year. This time by a film studio "Mosfilm" .
On July 12, it became known that the Russian government approved the proposal to conclude an investment agreement with Altera Park LLC in relation to the Mosfilm facilities and the site assigned to the Federal State Unitary Enterprise on a long-term lease basis. According to the investment agreement, the Investor is attracted “to develop infrastructure and create a large multifunctional cultural center” on the territory of Mosfilm. The project provides for the demolition of only 31 buildings that are currently located on the territory of Mosfilm, and the construction in their place of a cinema and concert complex with a total area of at least 28 thousand square meters. m. All of them must be built at the expense of the investor, says the explanatory note to the draft resolution. The “cultural community” is still silent. General Director of Mosfilm Karen Shakhnazarov is successfully promoting itself in patriotic talk shows, obviously counting on the honesty of the Androsov-Gref couple.
Again, a parallel project was formed next to the “cinema”. On June 26, 2015, Evgeny Maksimovich Primakov, a close friend of one of the shareholders, passed away "Transaero", Chairman of the Interstate Aviation Committee (IAC) Tatyana Anodina, mother of the founder and Chairman of the Board of Directors of the first non-state aviation company Transaero Alexandra Pleshakova. The company was left without the usual support of a political heavyweight. The company's creditor Gref, the chairman of the board of directors of Aeroflot Androsov and the general director Savelyev, who had worked with them for a long time, could not miss such an opportunity. By taking over Transaero (in fact, it was a raider takeover, as market participants directly say), they could not only take over the most desirable routes, replenish the fleet of aircraft, the leasing and purchase of which became a problem for Aeroflot due to sanctions, but also eliminate a successful competitor who does not allow ticket prices to increase. All that remains is to remove possible buyers in the form of S-7 and bring down share prices, and then buy them through your investment fund.
However, after the holiday, the Moscow Exchange showed an inexplicable at first glance growth in Transaero shares. There is no mysticism - information simply appeared in the press (later it was refuted) that Tatyana Anodina Through the IAC, it revoked the type certificate of modifications of the Boeing 737 Classic and NG models operated by Transaero. And without the planes, the company would not be so interesting to Gref and his wallet, Androsov (you can’t even sell them externally). But still very attractive.
Approved by decree of the President of Russia
Managing Partner of the investment company Altera Capital.
short biography
Kirill Gennadievich Androsov is the managing partner of the investment company Altera Capital.
Currently, Kirill Gennadievich Androsov is the Chairman of the Boards of Directors of Aeroflot OJSC and Russian Railways OJSC,
Member of the Boards of Directors of OJSC LSR Group, OJSC Russian Machines, Ruspetro plc, OJSC Channel One and the Altera Investment Fund.
In the period from 2008 to 2010, he held the position of Deputy Chief of Staff of the Government of the Russian Federation; From 2005 to 2008, he was Director of the Department of State Regulation of Tariffs and Infrastructure Reforms and Deputy Minister of Economic Development and Trade of the Russian Federation. Until 2004, for 5 years he held the position of Deputy General Director for Strategic Development, First Deputy General Director, Financial Director at Lenenergo. Previously - Head of the Investment Projects Department, Director of the Department of Urban Property Economics of the Committee for the Management of City Property of St. Petersburg.
He holds an MBA from the University of Chicago Business School and graduated with honors from St. Petersburg State Marine Technical University. Also holds a Ph.D. degree. St. Petersburg State University of Economics and Finance.
Candidate data checksum:
Kirill Androsov is a top manager who has gone through a difficult and interesting career path. He was born and raised in the provinces, but was able to settle first in the northern capital of Russia, and then in Moscow. Androsov has unique experience in interacting with both government agencies and business.
Route Murmansk-Petersburg-Moscow
Androsov Kirill Gennadievich is a Murmansk resident, he was born on June 13, 1972. Graduated (Faculty of Engineering and Economics) in St. Petersburg, completed postgraduate studies at ENZHEKON (Engineering and Economic Academy). He worked in the Don Plus company, in the banking company Galza Investments. Then he moved to the municipal authorities of St. Petersburg: he headed the Office of Investment Projects and structures for supervision of city property. He was the first deputy general director of Lenenergo.
Since 2004, he has worked in various positions in the Russian Government (in 2008-2010 - deputy chief of staff). Since 2008 - member of the board of directors of Aeroflot. Soon he expands his presence in business: in 2010 he became a partner of Altera Capital, and in the same year he joined the board of directors of a number of companies: A 3, LSR Group. Since 2011, he has chaired the board of directors of Aeroflot. Kirill Androsov is married and has a daughter.
Universal manager
Androsov is a top manager of two largest Russian companies at once. He heads the board of directors of Russian Railways and holds a similar position at Aeroflot. An interesting fact is that Russian Railways and air carriers are direct competitors on short and medium-haul passenger routes. For example, passengers have a choice - to fly by plane, paying 5 thousand rubles, or to buy a ticket in a compartment at a comparable price when traveling between the same pair of cities.
Androsov, however, admitted in his interviews that he does not see a problem with this, believing that people themselves are able to find the optimal balance between spending time and money. Moreover, he assured that the problem of choosing priorities between different routes does not exist in principle. Androsov believes that the main thing is that both companies are under heavy pressure - both in infrastructural and social terms.
Supporter of global trends
A balanced, analytical approach prevails in Androsov’s management philosophy. He is well aware that the industry to which one of his companies, Aeroflot, belongs, currently has low profitability indicators. According to IATA (International Aviation Agency), in 2012, airlines generated about $600 billion in revenue, while their net profit was only $5 billion.
Kirill Androsov, realizing this, considers it advisable to combine the efforts of Aeroflot with other major world carriers. He welcomes the creation of alliances and the consolidation of resources in the international market. Here, according to Kirill Androsov, cost savings play a key role, due to which net profit can increase. And this is despite the difference in potential between market players, when in the process of consolidation, larger carriers may experience difficulties due to the problems of small firms.
Be able to negotiate with authorities
Few people in Russian business know how to communicate correctly with authorities, as Kirill Androsov does. His biography includes a number of remarkable facts. For example, in 2005, when Kirill Androsov worked in the Government, an agreement was reached between the government and the country's leading oil companies to freeze fuel prices. This is a non-market method, but Androsov believes that such cooperation is quite acceptable, but limited in use.
According to Kirill, a dialogue took place between the authorities and business when oil companies explained the essence of the problems they had with the development of fields and with the wear and tear of equipment. In turn, the Government outlined measures that it could apply to improve the efficiency of the industry. It was agreed that it would take these very measures subject to a number of reciprocal steps on the part of the oil industry: reinvesting the dividends received in the quality of the produced fuel, in depth. This, according to Androsov, is an option that can contribute to more predictable dynamics of gasoline prices.
A business model that works
Androsov Kirill Gennadievich, whose biography is so rich in complex management decisions, was called upon to restore order in the management structure of Aeroflot. Under this talented leadership the work of the board of directors was brought to the highest level. Work was carried out to centralize management, procurement, and improve the route network and aircraft fleet.
Aeroflot now has two subsidiaries that do not generate losses. Androsov expects to make the rest the same in 2014-2015. The airline actively interacts with such major carriers as Rossiya; close integration is underway with Orenburg Airlines. In 2013-2014, Androsov expects to create a business model that is the same for all subsidiaries of his company.
Our competition abroad
In 2007-2008, Aeroflot’s plans included the acquisition of a number of foreign airlines. Kirill Androsov, however, does not see the need for this: foreigners cannot offer any resources for the further growth of the Russian company. The business model implemented by Aeroflot, Androsov believes, should be based on the competitive advantages of the national family. Moreover, there is something to be proud of: the Russian airline is already among the TOP 5 European carriers (and from 2009 to 2012, the flow of passengers increased from 7 to 27 million).
As for the possible purchase of Aeroflot by foreign companies, according to Androsov, they are only interested in the Russians taking transit traffic as little as possible. For Kirill, the sale of the company to foreign competitors has no logical justification, first of all. At the same time, domestic Russian transactions of this kind, Androsov believes, are quite acceptable, and their implementation depends on the owner of the airline - the state.
Supporter of domestic producers
Kirill Androsov is confident that his company’s aircraft fleet should be replenished with Russian aircraft. In his opinion, a flag painted on the tail of an airplane represents a huge amount of duty and responsibility. The national air carrier, Androsov believes, should fly domestic aircraft - just as it was in the USSR. Now Aeroflot operates the newest Russian airliner - the SSJ-100, which, according to Kirill, is the most efficient in transportation over a distance of 2 thousand km. These could be flights from Moscow to Eastern Europe, to Sochi or Nizhny Novgorod.
"Biography"
1994 - St. Petersburg State Marine Technical University
1995 - investment manager of the representative office of the Finnish banking investment company Hansa Investments
"Companies"
"News"
Aeroflot Deputy General Director Giorgio Callegari leaves the company and the airline industry
Aeroflot Deputy General Director Giorgio Callegari decided to resign from the post of Deputy General Director for Strategy and Alliances in order to focus on his personal affairs, the company began searching for a new candidate for this position, Aeroflot reported.
“I have made the difficult decision to leave the aviation industry, in which I have worked for nearly thirty years. I am proud that I had the opportunity to take part in writing the pages of the history of the new Aeroflot, as well as to contribute to the development and emergence of the Russian national carrier as a leader in the global airline industry. Today Aeroflot is stronger than it has ever been, and I am convinced of the company's significant prospects and potential in the future.
Former head of the board of directors of Aeroflot Kirill Androsov did not join the new board
June 26, 2017, AEX.RU – The former chairman of the board of directors of Aeroflot, Kirill Androsov, did not join the new board of directors, RNS reports from the meeting of the company’s shareholders. Androsov told reporters that he made this decision on his own. Since 2011, he has headed the board, and has been a member of the board of directors of Aeroflot since 2008.
“I am leaving Aeroflot with sadness”
The long-term chairman of the company's board of directors, Kirill Androsov, was not elected to the new composition
The results of the voting at the annual general meeting of Aeroflot shareholders (ended at about 14.30 Moscow time on Monday) on the selection of a new board of directors (11 people in total) were sensational. Managing partner of the investment fund Altera Capital, Kirill Androsov (served on the board of directors since 2008, since 2011 - chairman) was not included in the new composition.
Kirill Androsov will build Mosfilm
Vladimir Putin signed an order to provide Altera Park LLC with a site for the construction of a multifunctional center based on the Mosfilm concern. The text of the document was published yesterday on the portal. Previously, it was assumed that the investor would finance the design and construction of a cinema and concert complex (7 thousand sq. m.), two filming pavilions (6 thousand sq. m.) and a complex for storing props (15.5 thousand sq. m.), receiving in return the opportunity build an office and residential complex of 93.6 thousand square meters. m. According to Kartoteka.ru, Altera Park LLC is controlled by Profilio Ltd. The company is part of the Altera Investment Fund of former Deputy Chief of Staff of the Government Kirill Androsov. His participation in this project has been known since 2013 (see Kommersant, October 22, 2013).
Kirill Androsov believed in gold
Among the minority shareholders of the gold mining company GeoProMining was the Altera fund of Kirill Androsov. According to Kommersant, the fund entered the company back in 2014, purchasing a stake less than the blocking one. Altera does not plan any other purchases in gold mining.
The manager of the Altera investment fund, Kirill Androsov, was re-elected as Chairman of the Board of Directors of Aeroflot, the company said in a statement following the results of an extraordinary meeting of the Board of Directors.
Former deputy chief of staff of the government Kirill Androsov is creating a direct investment fund with a volume of $300 million. The fund may become one of the five largest in the country
link: http://www.preqveca.ru/news/2445/
First Deputy Head of the Government Staff Kirill Androsov goes to work at Sberbank of the Russian Federation.
link: http://www.gzt.ru/topnews/politics/
Kirill Androsov realizes himself in retail
link:
The Russian Machines holding, controlled by Oleg Deripaska, has a new minority shareholder - 7.5% of the shares were bought by the Altera Capital fund structure. The managing partner of the fund, Kirill Androsov, will join the board of directors of Russian Machines. According to him, Altera Capital invests in the holding for a period of three to five years. By that time, Russian Machines may conduct an IPO, but this is not the only option for the fund to exit the asset. The target level of return on investment is from 30%.
The Basic Element group, which manages Oleg Deripaska's assets, announced yesterday that the Luxembourg-based Altera Investment Fund SICAV-SIF, a structure of the Altera Capital fund, has become the owner of a 7.5% stake in Russian Machines. Co-founder and managing partner of the fund, Kirill Androsov (formerly Deputy Minister of Economy, and then Deputy Chief of Staff of the Government) will join the board of directors of Russian Machines.
The parties do not disclose the parameters and terms of the transaction, citing a confidentiality agreement. Mikhail Pak from Aton estimates Russian Machines at $2.8-3.5 billion, that is, Altera’s share at $210-260 million. But he does not rule out that the new minority shareholder got the shares cheaper, which may be due to some then additional conditions. “Today, one of the key tasks facing Russian Machines is preparation for entering the international capital markets and a possible IPO, which includes the development of a new strategy, the development of a corporate governance system, the organizational structure of the corporation and other management processes in order to "They met the best international standards and the expectations of the investment community. It is in these issues that the expertise of the Altera investment fund will be actively used," says Basic Element.
Russian Machines was created in 2005 on the basis of the machine-building assets of Basic Element. The holding includes the GAZ group, Sotex CJSC and TRM LLC (automotive components); Russian Transport Engineering Corporation and Abakanvagonmash (car manufacturing); "Aviakor", Arzamas Machine-Building Plant, Hull Plant and "Barnaultransmash" (road construction equipment and special equipment for the army). Revenue in 2011 was about 157 billion rubles. (plan for 2012 - 200 billion rubles), net profit - approximately 5 billion rubles.
Kirill Androsov’s partners in Altera Capital are former vice president of TNK-BP Evgeny Astakhov (together with Mr. Androsov he is responsible for direct investments); ex-adviser to the Minister of Economy Vyacheslav Pivovarov (manages the hedge fund Altera Absolute Russia); Alexey Blanin (heads the AB Development company) and former managing director of the Swiss UBS AG Philipp Kindt. As of January 1, 2012, the fund had about $525 million under management. The only direct investment before purchasing a stake in Russian Machines was a 15% stake in the independent oil company Ruspetro. Mr. Androsov told Kommersant that the fund still has free funds and another transaction is planned before the end of the year, but did not specify the details.
The Altera Capital fund is not the first minority shareholder of Russian Machines; 12.5% of the holding's shares have been owned since 2010 by former leaders of the Canadian Magna Peter Koob and Siegfried Wolf. Mr. Wolf heads the board of directors of Russian Machines. In the spring, he said that the company was ready to list shares of individual assets on the stock exchange in the next three years. “We will not sell a majority stake, we will start with a minority stake,” he told Reuters, without disclosing the parameters of a possible IPO, but naming the stock exchanges of Canada and Asia as likely sites. Siegfried Wolf added that Russian Machines should not carry out an IPO of the holding, and did not name the overall valuation of the company. Yesterday, Russian Machines clarified to Kommersant that the possibility of an IPO of the holding's parent structure is being considered along with IPOs of individual divisions - everything will depend "on the state of the markets and the structure of the corporation itself in three to five years."
Kirill Androsov also talks about three to five years as the period for Altera’s investment in Russian Machines. But, according to him, the fund’s exit from the holding’s capital through an IPO is only one of the options. The top manager did not name others, and when asked whether Basic Element has an option to buy out Altera’s share in Russian Machines, he refused to answer. The fund's return target for direct investment is 30%, Mr. Androsov clarified.
Denis Skorobogatko