Iskander Makhmudov has bought SBERBANK shares worth $400 million via its affiliates, Vedomosti was quoted as saying. Iskander Makhmudov, the Russian coal and copper magnate, owns the Ural Mining and Metallurgical Company (UGMK). Russian billionaires invested more than $2.0 billion altogether in SBERBANK shares, more than they did in ROSNEFT securities. Shares were taken over by TRANSMASHINHOLDING and KUZBASSRAZREZUGOL controlled by Makhmudov. KUZBASSRAZREZUGOL bought R7.0b worth of shares and TRANSMASHINHOLDING and its affiliates took over R3.0b worth of shares, the companies’ official reports say. The value of the securities reported by the companies proved to be well below the price disclosed by Vedomosti. Makhmudov has never played the market, nor has he taken minor stakes so far.
Source: VEDOMOSTI, April 5, 2007
