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28 March 2012
100% stake in Rosenergomash was consolidated by the company, owned by managing partner Yuriy Midza. This step is related to expected long-term growth in the manufacturing sector and planned searching and identifying new areas of expansion for Rosenergomash.
Yuriy Midza, the managing partner of Rosenergomash, has purchased the stock, representing about 60% of all shares as of the time of buying. Since that time Mr.Midza is the only owner of Rosenergomash concern, controlling 100% of the concern’s shares.
Consolidation of the stock in the hands of Midza is a logical continuation of his role in creation and establishment of Rosenergomash. Mr. Midza, since the company establishment in 2007, has been actively involved in the operational management of the Group and in implementing business plans for the company.
As from 2008, Midza has been responsible for the development and implementation of the concern’s long-term plans. Largely due to prudent financial management policies and rational approach of Mr. Midza – who used to be the managing partner of Rosenergomash at that time - concern overcame the effects of the global financial crisis of 2009-2010 with little or no damage to the business and since 2011 embodies an intensive growth strategy.
The milestones of the medium-term strategy of Rosenergomash are:
- further development of the product line,
- deeper focus on the needs of target customers,
- expansion into new regions and new segments of the markets.
Commenting on the consolidation of the stock, Mr. Midza said that Rosenergomash had always been the number one priority for him. "The deal between shareholders of Rosenergomash was necessary to complete the consolidation of assets. Thanks to this, I am the owner of 100% stake in Rosenergomash concern", stated Midza.
"I've always been interested in long-term investments in the manufacturing sector and continue to remain a consistent supporter of this approach. The events of the past few years have demonstrated the effectiveness of the strategy chosen – that is, investment in long-term growth. Rosenergomash will continue to follow the selected line, and as the owner of the company, I can focus more on searching and identifying new areas of expansion", - Mr.Midza summed up.
The acquisition of the stake owned by former Rosenergomash President Vladimir Palikhata was closed at the end of November 2011. All needed consents to complete the acquisition process are obtained.
Contacts for press:
Maxim Levchenko, Head of Strategy
Сopyright 2007 2010. Rosenergomash.