Russian steel maker Magnitogorsk Iron and Steel Works informed that on 3 March 2022, the company received a notification of a change in the composition of MMK's shareholders. The corresponding transaction was completed on 28 February 2022, about which the participants in the transaction and the Company provided all necessary notifications to the regulatory authorities. As a result of the transaction, 79.76% of PJSC MMK's shares owned by Mintha Holding Limited in the Republic of Cyprus became the property of ALTAIR LLC. The ultimate beneficiary of both companies is Mr Viktor Rashnikov, Chairman of the Board of Directors of PJSC MMK.MMK emphasizes that the restructuring was carried out within the framework of one group of persons. At the same time, Mr Viktor Rashnikov remains the sole beneficiary of MMK's shareholding as the sole participant of the ALTAIR LLC.The company notes that this transaction was carried out as part of a previously planned change in the ownership structure of MMK shares from Cypriot to Russian jurisdiction. The decision to restructure was taken in view of the declining attractiveness of Cyprus in terms of holding and managing Russian investments, as well as in order to use the advantages created in Russia in the field of corporate regulation and the legal and investment rules existing in the Russian Federation that apply to Russian legal entities and individuals. During the transaction, the actual circumstances that arose last week on the financial and stock markets were also taken into account.
Russian steel maker Magnitogorsk Iron and Steel Works informed that on 3 March 2022, the company received a notification of a change in the composition of MMK's shareholders. The corresponding transaction was completed on 28 February 2022, about which the participants in the transaction and the Company provided all necessary notifications to the regulatory authorities. As a result of the transaction, 79.76% of PJSC MMK's shares owned by Mintha Holding Limited in the Republic of Cyprus became the property of ALTAIR LLC. The ultimate beneficiary of both companies is Mr Viktor Rashnikov, Chairman of the Board of Directors of PJSC MMK.MMK emphasizes that the restructuring was carried out within the framework of one group of persons. At the same time, Mr Viktor Rashnikov remains the sole beneficiary of MMK's shareholding as the sole participant of the ALTAIR LLC.The company notes that this transaction was carried out as part of a previously planned change in the ownership structure of MMK shares from Cypriot to Russian jurisdiction. The decision to restructure was taken in view of the declining attractiveness of Cyprus in terms of holding and managing Russian investments, as well as in order to use the advantages created in Russia in the field of corporate regulation and the legal and investment rules existing in the Russian Federation that apply to Russian legal entities and individuals. During the transaction, the actual circumstances that arose last week on the financial and stock markets were also taken into account.
