Source The Cypriot company Negrino Limited, to which Phosagro transferred control over foreign trading, has changed its name. As well as companies selling PAO fertilizers in Europe. At the same time, it is emphasized that neither she nor her beneficiaries are included in any EU or US sanctions list. Unlike the father and son of the Guryevs, who were forced to leave their posts in Phosagro in connection with this.
In March of this year, Phosagro announced the reduction of its share in the authorized capital of the Cypriot Phosint Limited, through which the company controlled foreign trading. As a result of the placement of additional shares, 95% of the shares were bought out by the management (management buy out) of trading structures through the Cypriot Negrinio Limited.
The company was established in 2019,
— In the context of an increase in the number of restrictive measures in different countries, changes in the shareholding structure of Phosint Limited will help to further ensure the uninterrupted supply of Phosagro products to customers of all foreign trading companies. Despite the period of high volatility and uncertainty in the markets, Phosagro aims to continue its stable work and intends to do everything possible to fulfill its obligations properly, the company said.
However, this was probably not enough to overcome the sanctions restrictions. According to open sources, between July and September, Negrinio Limited also changed its name, becoming Purefert Holding Limited.
At the same time, the latter's website states that Purefert Limited is Phosint Limited, which was renamed August 30.
The company's website notes that PhosAgro Trading S.A., registered in Zug (Switzerland), was also renamed in September. This asset has been under the control of PhosAgro since 2015.
The word “PhosAgro” was changed to “Purefert” in the name and several trading and logistics companies included in the group. Serbian PhosAgro Balkans DOO, Swiss PhosAgro Logistics SA and Singaporean PhosAgro Asia Pte Ltd did so in September. In October, the Romanian PhosAgro Balkans S.R.L. and South African PhosAgro South Africa (PTY) Ltd.
It is possible that the same fate awaits the other divisions of the group in Poland, Germany, France, Lithuania and Brazil. For now, they retain their former names with the word PhosAgro.
At the same time, Purefert Limited notes that “its shareholders, affiliates and directors are not listed in any of the consolidated sanctions lists of the EU, UK, USA or Switzerland.”
including legal entities and individuals from the US, EU, UK and Switzerland, are not prohibited from transacting with Purefert Limited, Purefert Trading AG or their affiliates, the company says.
Recall that the Guryev family is called the main beneficiaries of Phosagro through offshore companies. In March of this year, the father and son (both Andrey) Guryevs came under sanctions from the UK and the European Union. Reducing the risks, Guryev Jr. resigned from the post of CEO of PhosAgro, and both of them left the company's board of directors. Mikhail Rybnikov, who had previously been Guryev Jr.'s deputy, was appointed General Director, whom “many consider to be a person wholly controlled by the Guryev family.”
At the same time, the United States abandoned the sanctions imposed on the company due to lower crops and the production of its own fertilizers, which in turn was caused by the restriction of gas supplies and rising prices for it. Phosagro's deliveries, which had been suspended due to increased risks and problems with logistics, resumed with renewed vigor, provided, moreover, by rising prices for fertilizers.
As a result, the Russian agrochemical industry, like last year, again found itself in a winning position: its production is located within the country, and gas prices for it are lower than for foreign consumers. The combination of these factors allowed the same “Phosagro” to raise prices, while maintaining demand for its products abroad, the edition “Version” notes.
The logical result of this was the payment of final dividends for 2021 and for the first half of 2022. BV wrote that they were a record: the Guryevs received about 48.4 billion rubles.
At the same time, the tax on part of the dividends will be only 5% due to the fact that the offshore companies associated with them have clones – MKOOO Adorabella and Hdolving Enterprises – in the Kaliningrad offshore.
On December 15, another payment is expected – according to the results of nine months, shareholders will receive 318 rubles per share, which corresponds to a dividend yield of 4.84%. This decision was made by the board of directors of the company.
Meanwhile, the measures taken did not save us from yet another US sanctions: MKOOO registered in Kaliningrad, as well as Swiss Chlodwig Enterprises AG and Adorabella AG are included in the SDN List.
PJSC decided to share not only with its shareholders. A few days ago, the company announced a doubling of the volume of support for social and charitable projects. If last year they spent 5.3 billion rubles. this year it will cost 10.9 billion rubles.
This year PJSC signed an agreement on investments in the social infrastructure of the Murmansk region: it will spend 15 billion rubles over three years. More than 5 billion rubles, apparently, will fall on the development of the ski resort “Khibiny” in Kirovsk.
In the Saratov region, PJSC, among other things, sponsors the Balakovo speedway team Turbina. In mid-November, Oleg Matytsin, Minister of Sports of the Russian Federation, visited PhosAgro's sports, educational and health facilities in Balakovo. Insiders regarded his words that active participation in the social agenda is more important than ever for business as a signal for all regions and entrepreneurs.
Help. From January to September 2022, Phosagro produced 8.1 million tons of nitrogen, phosphorus-containing fertilizers and feed phosphates, which is 6.7% more than the same period last year. It sold 9.1% more phosphorus-containing fertilizers and feed phosphates (6.3 million tons). Sales of nitrogen fertilizers decreased by 0.3% (1.922 million tons). From January to September, PhosAgro's revenue grew by 57%, amounting to 459.4 billion rubles. Net profit grew by 75.1%, amounting to 150.1 billion rubles. PJSC notes that “the higher cost of fertilizers in foreign markets contributed to the growth in revenue”, as well as the rate on high-margin fertilizers, which are in demand among agricultural producers.
Source
