Control stock of large cannery purchased by foreign companies

Control stock of OAO Rybokombinat Pischevik (plc), Russia's large canned fish producer based in Saint Petersburg, has been purchased by foreign companies, reported DP.

Spera Trading Limited, Netfresh Products and Desford Canning Limited have reportedly become the new owners of the fish combine, each of them owns 17.16% of the combine's shares with the total control stock therefore amounting to 51.48%. The purchased shares were previously owned by OOO Rybnyi Dvor (ltd), OOO Rybnyi Sklad (ltd), OOO Rybnyi Dom (ltd) and Pikan Akziehengesellschaft from Liechtenstein. Two of those companies are headed by the combine's managers and the above mentioned firms which have purchased its majority stock are also controlled by its managers. Thus, the company's end owners have remained the same. Another 35% of Pischevik's shares are controlled by Euroservice Group.

Representatives of Pischevik reportedly refused to comment on the situation saying that sale of shares is controlled by the stockholders and the combine's leadership does not touch issue at all. According to the market participants, Pischevik stably controls a considerable share of the Russian canned fish market. In 2006 the company's turnover amounted to ca.RUR590 million.