Top management of Soller Auto buys out 76.7% of the company’s shares

TASS Russian News Agency | Jun 27, 2022 at 1:51 PM

MOSCOW, June 27. /TASS/. The Alter Invest company bought out 76.7% of the Sollers Auto, previously owned by the Sollers Group, the automotive company said in a statement.

"Sollers Auto PJSC announces the change of the main shareholder of the company. Sollers Group LLC, which previously owned 76.7% of the shares of Sollers Auto PJSC, sold its entire stock of shares to the new owner - Alter Invest LLC," the statement says.

Key top managers of the holding will become shareholders of Sollers Auto, according to the statement.

"Sollers Auto PJSC will continue its activities in the previous structure of the assets owned by the company and intends to ensure the further development of the strategy for the production and distribution of cars, auto components and the launch of new mobility services on the market," the company added.

Earlier the Kommersant business daily reported, that the decision to sell the company was prompted by the need to change the company's strategy. The newspaper notes that until now Sollers Auto focused on joint ventures with foreign players.

According to the publication, 39.5% of the shares of Alter Invest, registered on June 17, belong to the head of UAZ and Sollers Ford Adil Shirinov, general director of Sollers Auto and Sollers Group Nikolay Sobolev owns 35.5%, deputy general director of Sollers Auto Zoya Kaike holds 20%. The publication also noted that the deal was closed on June 24.

About company

Sollers Auto Group is a Russian automobile company working in partnership with the leaders of the world auto industry - Ford, Mazda and Isuzu. The total production capacity of the group is more than 300,000 vehicles per year. Sollers owns production sites that produce Russian sport utility vehicles and light commercial vehicles UAZ (Ulyanovsk Automobile Plant), as well as gasoline engines ZMZ (Zavolzhsky Motor Plant).