Business
June 04 2014 - 14:06

Billionaire Manasir Sells Stake In Stroigazconsulting

Chechen businessman Ruslan Baisarov owns 74.1 percent of Stroigazconsulting.

Chechen businessman Ruslan Baisarov owns 74.1 percent of Stroigazconsulting.

Jordanian-born Russian billionaire Ziyad Manasir has sold his shares in the Stroigazconsulting construction group to companies owned by Chechen businessman Ruslan Baisarov.

Baisarov now owns 74.1 percent of Stroigazconsulting, his spokesman said, Vedomosti reported Tuesday.

Manasir, who founded Stroigazconsulting in 1996, has handed over the presidency of the group to his second in command, Mikhail Yakibchuk, who holds a 7.9 percent stake, the spokesman added.

An unidentified source close to the negotiations told Vedomosti that the deal was worth $5 billion.

Baisarov has gradually been increasing his control over the group, which specializes in the construction of pipelines and public transport infrastructure, as well as the development of oil and gas fields, buying 30 percent of it in December for a reported $4.8 billion.

The group frequently wins contracts for construction projects tendered by the likes of energy giant Gazprom, pipeline operator Transneft, and state-road builder Avtodor.

Last month Avtodor chose Stroigazconsulting to complete the first part of Moscow's Сentral Ring Road for 48.9 billion rubles ($1.3 billion).

In 2012 the company confirmed revenues of 388 billion rubles ($11 billion).

Read more:

Stroigazconsulting Wins $1.3Bln Contract

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