ICT buys a 26% stake in O1 Properties
April 21, 2014 — O1 Group and ICT Group announce completing of their transaction whereby a 26-percent stake in O1 Properties is sold to ICT Group. ICT Group purchased class B ordinary shares. As result of the transaction the Boris Mints’ stake in O1 Properties will amount to 73%. 1% is owned by company’s management.
The deal will entail changes in the Board of Directors of O1 Properties. Konstantin Yanakov, CFO of ICT Group, will join the Board . Thus the Board will now have 8, rather than 7 members, three of them being independent.
Boris Mints, Chairman of Board of Directors O1 Group: «We already have a positive experience of joint projects with ICT and we are confident that our new collaboration will be comfortable and productive. The funds raised by selling a stake in O1 Properties will be invested in the development of pension business as part of O1 Group».
Alexander Nesis, President of ICT Group: «The quality portfolio and professional approach to asset management used by the O1 Properties team are the pledge of long-term return on our investments, regardless of the current economic situation. We are confident in the success of the given partnership».
Dmitry Mints, Board Chairman O1 Properties: «We welcome the new shareholder and new members of the Board of directors, being happy about the new expertise they will bring the company».