July 5, 2017 / 6:14 AM / 2 months ago

Russia's PIK to consolidate shareholder structure, plans SPO

MOSCOW, July 5 (Reuters) - Russian homebuilder PIK Group said on Wednesday it will consolidate its shareholder structure by raising a stake held by companies owned by Sergei Gordeev and will hold a secondary placement of its shares in the medium term.

Companies controlled by Gordeev, PIK president and management board chairman, have agreed to buy out PIK's shares owned by Alexander Mamut and Mikail Shishkhanov, with the purchase price of one ordinary share set at 280 roubles ($4.72), PIK said.

After the transaction, Gordeev will become PIK's controlling shareholder with a 50.02 percent stake in PIK, the company said in a statement.

The offer, which Gordeev plans to make to PIK's minority shareholders after this transaction, will be at a premium to the price established in the main transaction.

VTB Bank will buy a 7.6 percent stake in PIK. The lender has also been mandated to act as a lead underwriter of PIK's secondary share placement, planned for the medium term. (Reporting by Olga Sichkar; Writing by Katya Golubkova and Dmitry Solovyov)

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