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Yota founder claims Elgen project in Yakutia - EastRussia | Far East

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Yota founder claims Elgen project in Yakutia

Yota founder claims Elgen project in Yakutia
Photo: pixabay.com

A-Property, owned by Yota founder Albert Avdolyan, has filed an application with the Federal Antimonopoly Service for the purchase of a 100% stake in the Elga deposit in Yakutia. Now the controlling stake is held by Mechel, and 49% of the shares are owned by Gazprombank.

As the RIA News, the application states that the total value of the potential buyer’s assets is seven billion rubles, and the value of the acquired company is more than 400 million rubles. The reserves of the Elga coal deposit, one of the largest in the world, are estimated at 2,2 billion tons.

In 2016, Mechel sold its shares to Gazprombank on the terms of a buyback three years later, but later it refused this opportunity and now the bank has the right to look for a new buyer. In the summer, A-Property submitted an application to the Federal Antimonopoly Service for the purchase of a 49% stake in Gazprombank. Now, according to the publication, he wants to buy the full package.