MOSCOW, Aug 8 (PRIME) -- Businessman Alexei Mordashov has moved 100% in power engineering company Power Machines under the Russian jurisdiction transferring the control to Severgroup, which manages investments on behalf of Mordashov, Power Machines said in a statement on Wednesday.
Under the first stage of the deal, a 99.9999999885175% stake in Power Machines was transferred to Unifirm Ltd from Highstat Ltd and a 0.0000000114825% stake held by Mordashov was transferred to Severgroup. Under the second stage, Unifirm Ltd’s stake was transferred to Severgroup.
The asset restructuring is in line with the state’s policy to return Russian assets from offshores.
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