MOSCOW, Oct 26 (PRIME) -- Russian businessman Albert Avdolyan’s Siban Holding has acquired 100% of the shares of coal producer Sibanthracite Group from investment company Alltech Group, Sibanthracite said in a statement on Tuesday.
In February, Sibanthracite said that Alltech Group had signed an agreement with Avdolyan’s A-Property on main terms of the sale of Sibanthracite Group.
Some media reported back then that the purchase price could be as high as U.S. $1 billion.
The group’s board of directors now includes Chairman of Elgaugol’s board of directors Avdolyan, A-Property CEO Irina Belyanova, Globaltek CEO Rodion Sokrovishchuk, Elgaugol Management Company CEO Alexander Isayev. Sibanthracite’s Dmitry Aga, Maxim Barsky and Igor Makarov retained their seats on the new board.
Sibanthracite Group is one of the Russian largest producers of metallurgical coal; its output amounted to 17.6 million tonnes in 2020. The previous core owner of Alltech and Sibanthracite’s founder Dmitry Bosov lost his life in May 2020.
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