Monday, June 18 2012 19:54

Neva-Rus investment company is the buyer of Georgian assets of GeoProMining


ArmInfo. The ultimate buyer of Madneuli and Quartzite enterprises, the Georgian assets of GeoProMining Group (Russia) is Neva-Rus CJSC, another large Russian investment company, reliable sources in Tbilisi told ArmInfo.

To recall, GeoProMining (GPM) has announced that on June 14, 2012, it completed the sale of GPM Georgia BV that represents the sale of two Georgian companies Madneuli and Quartzite for a total cash consideration of US$120mln. However, the company did not specify the counterparties to the transaction. According to ArmInfo's information, the counterparties are Georgian structures, whose ultimate beneficiary is the St-Petersburg-based Neva-Rus CJSC. In 2010 the investment company acquired the Metal Prince company in Armenia, which was the owner of Akhtala mining and processing plant and Sagamar company. Later, through Metal Prince company, the full block of shares of Molibdeni Ashkhar company (World of Molybdenum) was acquired. The latter develops the Dastakert mine. According to the company's data, the investments in the ore-mining sphere of Armenia have amounted to 100 mln USD.

Karen Kazaryan, Investment Manager of Neva-Rus CJSC, says that the company's portfolio in Russia includes the network of O'Kay hypermarkets, St.Petersburg Bank, Mega Auto dealership network, as well as the network of Chaynaya Lozhka (Tea Spoon) restaurants and other assets. The range of interests and the geography of investments cover Russia, the CIS countries, the Middle East, the countries of Eastern Europe and Africa.

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