A-Property, a company of co-founder of the Russian telecom operator Yota Albert Avdolyan, has asked the Federal Antimonopoly Service to approve an acquisition of 100% in the Elga coalfield from Gazprombank and metals and mining group Mechel.
The request says that the combined value of A-Property’s assets exceeds 7 billion rubles, while the value of Elga’s companies amounts to over 400 million rubles.
Mechel owns 51% in the companies that develop the Elga coalfield, while Gazprombank has 49%, which it bought from Mechel for 34.4 billion rubles in 2016. Mechel had the right to buy back the stake in three years, and Gazprombank was allowed to find a new buyer, if the right was unused. Mechel said earlier in January that it did not use the right and that it might sell its 51% stake as well.
The Elga coalfield is one of the largest fields in the world with estimated reserves of 2.2 billion tons. Three companies have been developing the field and constructing infrastructure for more than 10 years – Elga-Doroga, Mechel Trans Vostok and Elgaugol. (Prime/Ukrainian metal)