PFR cuts its stake in Enel Russia

Earlier in August, Enel revealed that MRIF Cyprus Investments 3 became the direct owner of a 5.8% stake in the company, while RDIF Investment Management-8, a subsidiary of Russian Direct Investment Fund (RDIF), became the direct owner of 5.5% of shares, according to Prime.

The RDIF spokesperson has explained that these changes are related to the planned change in the ownership structure within the consortium of investors, and now each consortium partner will own its stake in Enel Russia directly, the Russian news agency reported.

As reported previously in Kommersant, Australian fund Macquarie has begun preparations to sell its stake in Enel Russia. The consortium partners at Enel Russia are exiting the consortium, so that Macquarie could sell its 5.8% stake.

The controlling shareholder in Enel Russia is Italy's Enel with a 56.4% stake, and other minority shareholders' share is 24.8%, according to Prime. Enel Russia has a market capitalisation of RUB 33bn ($443.2m). In 2019, the company posted revenue of RUB 68.8bn ($924m) and RUB 895.2m net profit under IFRS, Mergermarket reported.

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• Topics
• CEE
• Industrials
• Restructuring
• Russia
• Russian Direct Investment Fund (RDIF)