MOSCOW, November 14, 2013 /PRNewswire/ --
Volga Group, a privately-held investment group that directly or indirectly holds interests in a variety of assets on behalf of Gennady Timchenko and his family, announced that it has agreed the sale of its 13% stake in IG Seismic Services PLC ("IGSS") to Industrial Investors Group, controlled by Sergey Generalov.
Commenting on the announcement, Chlodwig Reuter, Chairman of Volga Group, said, "We are pleased with the part that we have played in the development IGSS, from our initial investment in Geotech Holding in 2010 through to it becoming one of the leading seismic companies with a successful international stock market listing. We are satisfied with our profitable exit from the investment."
About Volga Group
As one of the largest investment groups in Russia, Volga Group has investments in 18 core companies, located mainly in Russia, whose total consolidated annual revenue in 2012 amounted to some US$116 billion (Volga does not own 100% equity stakes in all portfolio companies). Volga Group's investment policy is based on value-driven assets that produce consistent, long-term returns with a focus on Russia. It has three strategic core areas, namely energy, logistics and infrastructure. It also has investments in the financial services and consumer goods sectors. The Group's most significant investments include stakes in Novatek (23%), Gunvor (44%), Sibur (37.3%), Transoil (80%) and STG Group (63%).
For media inquiries:
Mr. Anton Kurevin:
Communications Director, Volga Advisors
Email: akurevin@volga-advisors.com
Phone: +7-495-777-38-98 (extn. 711)
Mr. Stuart Leasor
EM Advisors
Email: leasor@em-comms.com
Phone: +44-7703-537721
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