Makarov Says He Owns a 46% Stake in Secretive Itera
Itera president Igor Makarov
Itera president Igor Makarov said he owns a 46 percent stake in the secretive gas giant, an admission that makes him the latest Russian tycoon to crack open the door on his personal finances.
The stake could be worth between $400 million and $600 million, analysts said.
Makarov said Wednesday that he owns 46 percent of Itera Group NV, which owns 100 percent of Florida-registered Itera International Energy LLC, Holland-based Itera Holding BV and Kayton Corp. NV.
Until recently, 60.99 percent of Itera Group NV was distributed between two employee funds, while foreign shareholders held 13 percent and Makarov had 26.01 percent.
Makarov got an additional 20 percent stake when the employee funds were liquidated and their shares were redistributed to the management, said Steven Kogler, the head of the legal department with Itera International holding.
The foreign ownership in Itera remains unchanged.
Makarov said Itera is looking to consolidate its production assets and distribution assets independently, after which the company will have reserves of 1 trillion cubic meters of gas.
Among its assets, Itera and affiliated TNG Energy own more than 60 percent of Tarkosalneftegaz and over 70 percent of Sibneftegaz.
Makarov said he was looking to float a stake in Itera on international markets.
Aton gas analyst Steven Dashevsky said that although the ownership structure of Itera remains nontransparent, the company would be attractive to foreign investors.
After consolidation, Itera's capitalization will total an estimated $1 billion to $1.5 billion, he said. That would give Makarov's stake a value of $400 million to $600 million.
A number of influential businessmen have been opening up their personal finances to public scrutiny over the past year, including the management of Wimm-Bill-Dann, Menatep, Yukos, LUKoil and Sistema. The revelations came as the companies got listed abroad or took steps to get such a listing. |
