Russian Sea Group Announces a Change in Ownership of its Major Shareholder
By Ojsc Russian Sea Group, PRNEMonday, June 27, 2011
MOSCOW, June 28, 2011 -
OJSC «Russian Sea Group» (the «Company» or the «Group»), one of
Russia’s leading consumer food companies, announces that it has
been notified of a change in the ownership of its major
shareholder. RS Group, owner of Corsico Limited, the Group’s
major shareholder, has formed a strategic partnership with the
Luxembourg-based investment fund, Volga Resources, to invest into
Russia Sea Group.
RS Group and Volga Resources intend to establish a joint
company, which will own 60.936% of the Russian Sea Group. 50% of
shares in the new company will be owned by RS Group, controlled by
Maxim Vorobiev and 50% by the wholly-owned subsidiary of Volga
Resources.
The parties expect the deal to be completed within the next two
months.
Maxim Vorobiev, owner of RS Group, commenting on the future
partnership with Volga Resources, said, “We see tremendous
potential in our partnership for the strategic development of the
Russian Sea Group. Our new partner’s international business
experience as well as its financial strength will contribute to
rapid, profitable and sustainable growth of the Group. I will
continue to be actively involved in the Company, and as Chairman,
will remain in charge of the overall development of the Group”.
Chlodwig Reuter, Chairman of Volga Resources, added, “The food
industry, in particular the fish segment, as well as fast moving
consumer goods (FMCG) are young and dynamic sectors of the Russian
economy and offer great growth potential. Russian Sea Group is a
well run company with a strong and proven management team. We
are confident that the management, together with RS Group and Volga
Resources, will successfully develop the business and take it to
the next level. This acquisition allows us to diversify away
from our more traditional sectors of oil & gas. We will
continue to look for other opportunities that are undervalued and
offer attractive and sustainable investment returns.”
CEO of the Russian Sea Group, Dmitry Dangauer, said, “We will be
pleased to welcome a new shareholder to the Company. Volga
Resources will bring new expertise, strengthen corporate governance
and contribute to the further development of the Company. The
company’s management is ready to meet and exceed the goals and
objectives of all our shareholders.”
NOTE TO EDITORS
ABOUT THE COMPANY
Russian Sea Group was founded in 1997 and began its operations
by importing herring and mackerel from Norway. In 1999, the Company
launched production of the ready-to-eat fish products under its
core ‘Russian Sea’ brand and then continued its development as a
producer and distributor of fish and fish products. At present,
Russian Sea Group comprises two main business divisions, operated
respectively by Russian Sea Company, and Russian Fish Company, each
a wholly-owned subsidiary of Russian Sea Group.
The ‘ready-to-eat’ business (Russian Sea Company) produces and
sells “ready-to-eat” fish and seafood products under
well-recognized brands, such as “Russian Sea”,”Islandka”,
“Selyodochka Stolichnaya”, “Mediterana”, “7 Uzlov” and
“Flottika”. These products include salted and smoked salmon and
trout, red caviar, a wide assortment of herring products, seafood,
seaweed products androe spreads. The Group operates a modern fish
and seafood production facility in Noginsk, Moscow region
(approximately 40 km from Moscow).
The Group’s ‘chilled and frozen‘ business (Russian
Fish Company) sells and distributes over 60 types of fish and
seafood, including, among others, salmon, trout, cod, herring,
mackerel, humpback salmon, pollack, flounder, shrimp and squid, to
nationwide and regional retail chains, regional distributors and
fish processing companies throughout Russia. The chilled and frozen
fish and seafood business sources fish from domestic suppliers, as
well as foreign suppliers from 18 countries, including, among
others, Norway, the UK, the USA, Chile,Iceland,Vietnam and China.
Its major international suppliers include Marine Harvest, Shetland
Catch and Norway Pelagic. The Company supplies fish and seafood to
over 85% of the regions of the Russian Federation.
The Group also operates a fish farming business (Russian Sea
Aquaculture) which commenced operations in 2007 following the
Group’s purchase of a trout farm at Lake Segozero in Karelia,
Russia, the entire output of which is currently sold to Russian
Fish Company for further distribution.
ABOUT VOLGA RESOURCES
Volga Resources is a Luxembourg registered investment fund. The
Fund invests in projects in the oil & gas sector,
infrastructure, development and financial services in Central and
Eastern Europe, CIS, Russia and Turkey. More information is
available at:
Cautionary note concerning forward
looking statements
Matters discussed in this press release may constitute
forward-looking statements. Forward-looking statements are
statements other than statements of historical facts. The words
“aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “forecast,” “guidance,” “intend,” “may,” “plan,”
“potential,” “predict,” “projected,” “should” or “will” or the
negative of such terms or other similar expressions identify
forward-looking statements. Forward-looking statements include
statements regarding: objectives, goals, strategies, outlook and
growth prospects; future plans, events or performance and potential
for future growth; liquidity, capital resources and capital
expenditures; economic outlook and industry trends; developments of
our markets; the impact of regulatory initiatives; and the strength
of our competitors.
The forward-looking statements in this press release are
based upon various assumptions and estimates based on management’s
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions and estimates were reasonable when
made, they are inherently subject to significant known and unknown
risks, uncertainties, contingencies and other important factors
which are difficult or impossible to predict and are beyond our
control. Such risks, uncertainties, contingencies and other
important factors could cause the actual results of OJSC Russian
Sea Group or the industry to differ materially from those results
expressed or implied in this press release by such forward-looking
statements. Such risks, uncertainties, contingencies and other
important factors include, among others: political and social
developments; general economic, market and business conditions;
trends in the markets in which we operate or plan to operate; our
business and growth strategies; planned acquisitions or
divestitures; our expansion into other geographic regions or market
segments; the effects of legislation, regulation, bureaucracy or
taxation on our business; and our anticipated future revenues,
capital expenditures and financial resources. Accordingly, such
forward-looking statements cannot be relied on, and neither OJSC
Russian Sea Group, nor any other person can assure you that
projected results will be achieved in the future.
The information, opinions and forward-looking statements
contained in this press release speak only as at the date of this
press release, and are subject to change without notice. Neither
OJSC Russian Sea Group, nor any other person undertakes, nor do
they have any obligation, to provide updates or to revise any
forward-looking statements except as may be required by applicable
law and regulation.
This press release is not an offer for sale of any securities in
the United States. Securities may not be offered or sold in the
United Sates absent registration or an exemption from registration
under the U.S. Securities Act of 1933, as amended. OJSC Russian Sea
Group has not registered and does not intend to register any
portion of any offering in the United States or to conduct a public
offering of any securities in the United States.
This press release is directed only at (i) persons who are
outside the United Kingdom or (ii) investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the “Order”) and (iii) high net
worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2) of the Order (all such
persons together being referred to as “relevant persons”). The
securities are only available to, and any invitation, offer or
agreement to subscribe, purchase or otherwise acquire such
securities will be engaged in only with, relevant persons. Any
person who is not a relevant person should not act or rely on this
press release or any of its contents.
Information contained in this press release is not an offer, or
an invitation to make offers, sell, purchase, exchange or transfer
any securities in Russia or to or for the benefit of any Russian
person or any person in Russia, and does not constitute an
advertisement of any securities in Russia.
Information contained herein does not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the securities referred to herein in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration, exemption of registration or qualification under the
securities laws of any such jurisdiction.
NOT FOR RELEASE OR
DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN AND THE REPUBLIC OF SOUTH
AFRICA
For further enquiries contact:
Volga Resources
Anton Kurevin
+7-(495)-956-3972
Volga@m-p.ru
kurevin@m-p.ru
Stuart Leasor
+44-7703-537721
Russian Sea Group
Natalia Trusova
IR manager
Russian Sea Group
Tel.: +7-(495)-258-99-28 ext. 3186
Cell.: +7-(917)-568-42-26
E-mail: nt@rusfishcom.ru
.
Tags: June 28, Moscow, Ojsc Russian Sea Group, Russia
