A Cyprus court removed limitations from 8.29 percent of shares in PIK Group that belonged to Holborner Services and were later frozen under an application filed by Forienst Investment, which is owned by PIK co-founder Kirill Pisarev, the Rapsi legal information agency reported.
The company's material was posted on the London Stock Exchange website last week, the agency reported. Forienst has an option regarding the company, which can be executed within two years as of March 16.
The shares were frozen last October. Holborner said then that it fully abided by its obligations to Forienst and protested any allegations regarding supposed violations. Earlier, Holborner said there were no grounds to freeze the shares, and it is determined to cancel the order to do so.
PIK Group's core business is large-scale housing development for mass consumers. As of June 30, 2010, founders Yury Zhukov and Pisarev held a 22.5 percent stake in the company, while 38.3 percent was controlled by Suleiman Kerimov's Nafta Moskva and 39.2 percent were in free float. As of January 2011, PIK owned 10.6 million square meters of land.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.