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Abramovich intends to sell a large asset in the Far East

Abramovich intends to sell a large asset in the Far East
Photo: rfpgroup.ru

Roman Abramovich, Alexander Abramov and Alexander Frolov, the main shareholders of the largest timber industry holding RFP Group in the Far East, want to reduce their shares. They are looking for an investor to sell the package right up to the control.

According to KommersantThe reason for this decision is a high debt burden and low profitability amid growing export duties. Experts believe that it will be difficult to find a buyer.

Businessmen own about 58% of the shares of the RFP Group. They spoke about their intention to sell their shares last year at one of the meetings with the Deputy Prime Minister, Presidential Envoy to the Far Eastern Federal District, Yuri Trutnev. Then they reported that the proceeds from the asset barely covered the interest on the loan.

This year, the situation was exacerbated by damage from downtime due to coronavirus. According to the publication, the RFP Group has an acute shortage of working capital, as banks refuse to refinance the enterprise.

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