Lanebrook Limited ups stake in Evraz to 83.24%

16.12.2006 - 18:54

Lanebrook Limited has acquired the stake belonging to the former head of Evraz Group S.A. Valery Khoroshkovsky, thereby increasing its stake in the company to 83.24 percent, Evraz Group said in a statement.

Evraz has that Khoroshkovsky sold his 0.93 percent of Evraz for USD 80.3 million, Interfax reported. The Cyprus-registered H.K. Steel Industry Ltd., which is affiliated with Khoroshkovsky, sold the shares.

Khoroshkovsky, the CEO since January 1, 2006, has tendered his resignation with immediate effect, because of his appointment as Ukrainian First Deputy Secretary of the Security and Defence Council.

The board of directors at Evraz Group has nominated Alexander Frolov, Chairman of the Board of Directors, as the next CEO.

Lanebrook's beneficiaries, on a parity basis, are Millhouse, which is the holding company for the assets of the Russian businessman Roman Abramovich and his partners; and Alexander Abramov and Alexander Frolov.