UPDATE: China foreign exchange board indirectly owns 10% in Sibur

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MOSCOW, Feb 7 (PRIME) -- China’s State Administration of Foreign Exchange has received the right of indirect control over 10% in Russian petrochemical holding Sibur, the company said in a statement on Tuesday.

Earlier on Tuesday, Sibur said that Cyprus-based company SIXB Limited acquired direct control of 10% in the company after Sibur closed a sale of 10% to China’s Silk Road Fund on January 25.

But the administration’s indirectly controls Sibur through a chain of six companies, including China-registered Silk Road Fund Co. Ltd, and the ultimate owner of shares is SIXB Limited, Sibur said.

Chairman of Sibur’s board of directors Leonid Mikhelson indirectly owns 34.2% in Sibur, board member Gennady Timchenko indirectly has 14.2%, and board member Kirill Shamalov directly and indirectly owns 20.88%; Capital-M, founded by former and acting top managers of Sibur, has 11.25%; China’s Silk Road Fund and Sinopec own 10% each, according to data of the Unified State Register of Legal Entities.

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