Russian Glass Company

History

2024: Transfer of Controlling Interest to Two Closed-End Mutual Funds

In early October 2024, it became known that Russian Glass Company JSC (RSK), part of the Adamant holding, sells 58.9% of voting shares to two closed mutual investment funds (ZPIF) - Real Madrid and Avoir.

According to Kommersant, both funds are managed by Adept Management Company. The assets in these ZPIFs are companies associated with the Adamant holding, in particular, with the participation in their authorized capital of the vice-president of the holding Alexei Gnesin.

Freepik

RSK is one of the largest glass processors in Russia, occupying 25% of the facade glass market in the country. The company operates 14 specialized plants, including the Borsky and Klinsky glass plants acquired in February 2024, previously owned by the European division of the Japanese AGC.

Experts estimate the cost of a controlling stake in RSK in the range from ₽7,3 billion to ₽23,6 billion. Associate Professor of the Department of World Financial Markets and Fintech REU im. Plekhanova Ilyas Zaripov notes that the price of voting shares in such transactions is often determined by the agreement between the buyer and seller, and not by market factors.

Bonus Fabula media expert Dmitry Kumanovsky believes that the sale of a controlling stake in an enterprise specializing in the facade glass segment is the right decision in the context of a reduction in the Russian glass market and the loss of close export markets in Europe.

Evgeny Gulyaev, head of the financial and management consulting department of IPP, believes that the transfer of a controlling stake in RSK JSC to ZPIF may be aimed at protecting assets and ensuring an additional level of confidentiality. In his opinion, this will reduce the impact of economic and political factors on business. Adamant ^[1]

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