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Gazprom subsidiary applies to buy 12.5% in Russia’s major insurer Sogaz — source

November 08, 2016, 15:45 UTC+3
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MOSCOW, November 8. /TASS/. Gazprom Gazoraspredeleniye, a subsidiary of Russian gas giant Gazprom, has applied the Federal Antimonopoly Service for a preliminary approval for the acquisition of 12.5 % of voting shares of Russia’s major insurance company Sogaz, a source at insurance market told TASS.

According to the source, the Kordex company acts as the seller of shares.

The source said that in case the request is approved Gazprom Gazoraspredeleniye will have the right to dispose of 28.72% of shares and together with affiliated entities - Gazprom and Gazprom Export it will manage 33.69% of shares.

Sogaz Insurance Group includes such insurance companies as SOGAZ INSURANCE, TRANSNEFT IC, SOGAZ-MED IC JSC, SOGAZ-LIFE JS LLC, SOT-TRANS LLC, SOVAG (Germany), «SOGAZ a.d.o. Novi Sad» (Serbia), SOGAZ International Medical Centre, SOGAZ-Medservice LLC service medical company.

Net profit of Sogaz in January-June 2016, under the international financial reporting standards (IFRS) increased by 73%, to 13.9 bln rubles ($217 mln).

Gazprom Gazoraspredeleniye was set up on October 1, 2004, in order to consolidate Gazprom Group’s gas distribution assets. The company manages the operations of gas distribution organizations in Russia.

The founders of the company are Gazprom mezhregiongaz (99.83% of share capital) and Gazprom Transgaz St. Petersburg" (0.17% of share capital).

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