Gennady Timchenko sells his part of his stake in SIBUR to Kirill Shamalov

Kommersant reports,that the shareholder structure of the largest Russian petrochemical holding company SIBUR has changed. The deputy chairman of its board, one of the sons of businessman Nicholay Shamalov Kirill became one of the main co-owners of the company. He bought a 17% stake from Gennady Timchenko, consolidating now 21.3%. The interest of Mr. Timchenko himself fell to 15.3%, but he is not going completely leave the capital of SIBUR.

The deputy president of SIBUR Kirill Shamalov acquired 17% of the company from businessman Gennady Timchenko, several sources that are close to the negotiations told the Kommersant. The amount of the transaction is unknown, the source of the Kommersant, familiar with its terms, only said that "it was at the market price". Taking into account shares that he has already held, Kirill Shamalov became the owner of 21.3%. Gennady Timchenko reduced his stake to 15.3%, the largest shareholder of SIBUR is still Leonid Mikhelson, who owns 50.2%. The petrochemical holding company declined to comment yesterday. A representative of Gennady Timchenko, confirmed to the Kommersant that the fact of the sale of 17% to structures of Mr. Shamalov. Novatek only stated that "Leonid Michelson is completely satisfied with his existing share".