12.01.2016, 00:35
Control over German SOVAG Transferred to GAZPROM Germania GmbH
OREANDA-NEWS. SOGAZ INSURANCE has finalized the sale of the part of SCHWARZMEER UND OSTSEE Versicherungs-Aktiengesellschaft SOVAG shares to GAZPROM Germania GmbH (GAZPROM Germania). As a result of the transaction GAZPROM Germania GmbH became the majority shareholder of 50.1% of SOVAG.
After completion of the transaction, SOGAZ share in SOVAG reduced from 50.9% to 25.1%. Volga Resources Investments SICAV-SIF S.A., as a result of the transaction, reduced its shareholding in SOVAG from 49.1% to 24.8% of shares. This transaction was approved by the German Federal Financial Supervisory Authority and the German Antimonopoly Service.
According to Olga Krymova, Deputy Chairman of the Board of SOGAZ, SOGAZ will maintain its position in the supervisory committee of SOVAG. "SOVAG is currently experiencing a transformation phase. We expect that in the future the company will focus on service rendering to the Russian companies doing their business in European countries. First of all, it means the high-quality insurance coverage of Gazprom Group projects; therefore the uprise of such a major shareholder as GAZPROM Germania GmbH is reasonable. SOVAG will also actively work with European brokers including those in London", Olga Krymova said.
SOVAG was founded in 1927 in Germany. Its headquarters is located in Hamburg. SOVAG has licenses for most types of insurance excluding permanent health insurance, life insurance and credit insurance. According to the results of 9 months of 2015, the Company's revenue is 4.5 billion RUB (as per IAS).
In 2010, SOGAZ acquired 45.9% of the Company shares which was subsequently brought to the control stake.
After completion of the transaction, SOGAZ share in SOVAG reduced from 50.9% to 25.1%. Volga Resources Investments SICAV-SIF S.A., as a result of the transaction, reduced its shareholding in SOVAG from 49.1% to 24.8% of shares. This transaction was approved by the German Federal Financial Supervisory Authority and the German Antimonopoly Service.
According to Olga Krymova, Deputy Chairman of the Board of SOGAZ, SOGAZ will maintain its position in the supervisory committee of SOVAG. "SOVAG is currently experiencing a transformation phase. We expect that in the future the company will focus on service rendering to the Russian companies doing their business in European countries. First of all, it means the high-quality insurance coverage of Gazprom Group projects; therefore the uprise of such a major shareholder as GAZPROM Germania GmbH is reasonable. SOVAG will also actively work with European brokers including those in London", Olga Krymova said.
SOVAG was founded in 1927 in Germany. Its headquarters is located in Hamburg. SOVAG has licenses for most types of insurance excluding permanent health insurance, life insurance and credit insurance. According to the results of 9 months of 2015, the Company's revenue is 4.5 billion RUB (as per IAS).
In 2010, SOGAZ acquired 45.9% of the Company shares which was subsequently brought to the control stake.
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