Segezha Grouphas acquired a majority stake in the eastern Siberian sawmill operator Novojenisseisk LHK (NLHK). The deal means that Segezha has carried out its plan to exercise a takeover option for the remaining shares in NLHK’s parent firm Tegli Holdings, via its subsidiary Lesosibirsk LDK. Tegli had previously been controlled by Trust Bank. NLHK has been fully consolidated within Segezha Group since 15 September.
NLHK had been embroiled in bankruptcy proceedings, which were also terminated on 15 September after the parties reached a settlement. Back in February, Segezha Group reached a deal with Trust Bank to acquire a majority shareholding. The Segezha Group initially signed an agreement to purchase a minority stake in Tegli on 20 May. This first step of the transaction closed on 27 July. Martin Hermansson, formerly the minority owner of Tegli and CEO of NLHK’s operating company RFI Consortium has joined Segezha Group’s board of directors now that the group has acquired a controlling majority. A motion to this effect was approved at an extraordinary general meeting on 23 September.
