Gennady Timchenko who came under the U.S. sanctions in April has sold his stake in Russian Sea Group to Gleb Frank, the Vedomosti stated referring to a source close to Russian Sea Group's owners.
Experts estimate Timchenko's 30% stake at several dozen million dollars.
It will be recalled that G.Timchenko sold 45.5% of the shares in Gunvor and a stake in the Finnish airline AirFix Aviation earlier this year.
Russian Sea Group (tax number: 7816430057) was established in 1997. Today, Russian Sea Group has two activity profiles: fish and seafood distribution (Russian Fish Company) and aquaculture (Russian Sea Aquaculture, Segozerskoye Trout Farm LLC).
Russian Fish Company sells and distributes more than 60 kinds of fish and seafood procured from Russian and foreign suppliers from 18 countries including Norway, the UK, the USA, Chile, Iceland, Vietnam and China. The company sells fish and seafood in 85% of Russia's regions.
The company's aquaculture business includes commercial trout breeding in the republic of Karelia and Atlantic salmon breeding in Murmansk region. The aggregate breeding capacity of the company's 29 sites is 70 thousand tonnes of salmon and trout.
IFRS net profit of Russian Sea Group for 2013 was RUB 452.8 million rubles against a loss of RUB 102.3 million rubles the year before. Consolidated revenue of the group grew by 12.7% to RUB 18.045 billion.