Interview: Co-owner of Sibur Kirill Shamalov talks about his family, officials and investments

In 2014, quite an unexpected deal took place: the second largest shareholder of the largest Russian petrochemical holding company Sibur, whose value then exceeded $10 billion, became its little-known 32-year-old top manager - the son of co-owner of the Bank Russia, Nikolay Shamalov Kirill. Gennady Timchenko, who came under the USA/EU sanctions, conceded to him a part of his stake in Sibur. How the transaction was carried out and who funded it,what else is the new major shareholder  engaged in and whether his father helps him was told to the Kommersant by the member of the Sibur’s Board of Directors, president of Ladoga Management, Kirill Shamalov.

Q- Now you have the second largest stake in Sibur - 21.4%. How did you consolidate the shares?

A- I came to Sibur in 2008. In 2011, the global environment and the company's overall performance improved, so the option program to motivate management was started. It concerned all the Board’s members and directors, about one hundred managers. On the results of the program there was a choice – to take the "real" money or take shares. Some managers, including myself, chose the latter. Leonid Michelson (the principal owner of Sibur) repeatedly said that the management should increase its share. There were several stages when the majority shareholders alienated a small parts of their packages to members of the Board. As a result, the management increased its share in aggregate to 17.5% of the shares. Many people  have different attitudes to this: some took out a credit for the purchase of the package with dividends, someone attracted other further resources under it and continued to buy the shares, some their shares.

Q- And you?

A- I decided to focus on the petrochemical industry for the foreseeable future and was ready to further increase my package. But any movement of shares is a question of economic efficiency. Today you want to sell them, it will raise a certain amount, if you wait and create additional value for the company, they will be worth more money. And I believe that the petrochemical industry and Sibur have enormous potential.

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