Summa Group to Buy 50% of UGC Grain Trader

The Russian Federal Antimonopoly Service approved a bid by the country’s private Summa Group to purchase 50 percent minus one share in the United Grain Company (UGC), a service spokesman said on Thursday.

“The service approved [the purchase]. The agreement was signed on Wednesday evening,” the spokesman told Prime news agency.

The Russian president signed an order to privatize 50 percent minus one share of state-owned UGC in November 2011 in terms of a privatization program for key state assets. UGC’s board of directors chose Summa as a strategic investor in late May 2012.

Summa, a diversified holding owned by Russian billionaire Ziyavudin Magomedov, is a private group with assets in port logistics, engineering, construction, telecommunications and the oil and gas sectors.

The state-owned UGC is an agro-industrial company focused on development and operation of domestic grain market infrastructure, higher exports of Russian grain and provision of grain trades in the domestic market.


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