Alexander Mamut spoke

One of the factors that led entrepreneur Alexander Mamut to the decision to sell his stake in Ingosstrakh was the lack of prospects for an IPO. The entrepreneur himself stated this in an interview with the Ingoveritas portal. This was Mr. Mamut’s first detailed comment since the transaction and the subsequent corporate conflict at Ingosstrakh. “At the end of 2005, I began to think about leaving this business,” Mr. Mamut said. - There were several reasons why I made this decision. Firstly, in most of my projects I have always been a portfolio investor, not a strategic one, and at the time of making the decision to exit, I considered the return on Ingosstrakh shares to be sufficient. Secondly, in 2006 it became clear that the company would not conduct an IPO, would not attract a strategic investor and did not plan to pay significant dividends to shareholders. Thirdly, and this is perhaps the most important reason, I had many other projects that required investment.”

Alexander Mamut did not disclose the cost of the transaction, during which he sold 38.5% of Ingosstrakh to the investment company PPF Investments. “The conditions were quite market conditions, given the fact that while there was a majority shareholder owning 60% of the company’s shares, my stake was a minority,” said the entrepreneur. Regarding the choice of buyer, Mr. Mamut confirmed that he offered his stake to the main owner of Ingosstrakh, Oleg Deripaska’s Basic Element holding, but did not meet with interest. “I chose PPF Investments because we agreed on terms that were beneficial to both parties,” said Mr. Mamut. — If we generally talk about the attractiveness of PPF as a partner, then I can say that for me an important factor is that one of the leaders in the global insurance market, Generali, chose Kellner’s company (Peter Kellner is the head and main shareholder of the PPF group. — - Ed. ) as partners in the development of their insurance business in Central and Eastern Europe, Russia and the CIS. If Kellner is a guarantee for the development of the insurance business for Generali, then there is no reason to doubt that he can also be a good business partner for Basel in Ingosstrakh.

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