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Timchenko has no plans to run SIBUR Holding

Gennady Timchenko has no plans to run SIBUR Holding, his representative told Itar-Tass on Monday, October 31

MOSCOW, October 31 (Itar-Tass) —— Gennady Timchenko has no plans to run SIBUR Holding, his representative told Itar-Tass on Monday, October 31.

According to Timchenko, “SIBUR has a professional team of managers and has a good board of directors, who can implement the corporate development strategy.”

“This fully agrees with me as an investor. So my participation would be unnecessary. But we intend to take an active part in the development of the company in accordance with the existing strategy,” Timchenko said.

Cypriot Dellawood Holdings Limited closed the deal with Gazprom on October 28 for the acquisition of 49.98 percent of SIBUR Holding shares. Dellawood and its subsidiary Miracle hold 100 percent of SIBUR Holding shares.

According to the company, Leonid Mikhelson owns 57.7 percent of SIBUR shares, Timochenko 37.5 percent, SIBUR managers Dmitry Konov, Mikhail Karisalov, Mikhail Mikhailov, and Alexander Dyukov 5 percent of Dellawood’s authorised capital.

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