July 25, 2018 / 3:16 PM / in 9 months

Managers of Russian builder Etalon want to buy stake from founder

MOSCOW, July 25 (Reuters) - The management of Russian homebuilder Etalon is looking at buying a stake from the company’s founder Vyacheslav Zarenkov, the company, and three sources familiar with the talks, told Reuters on Wednesday.

Etalon is one of Russia’s largest listed homebuilders. The Zarenkov family controls a 30.7 percent stake, while the company’s management currently owns another 2.6 percent stake. A further 61 percent stake in Etalon is freely floated.

Based on Etalon’s current market capitalisation, the stake held by Zarenkov’s family is worth $243 million.

“(Etalon) top executives would be interested in buying part of... Zarenkov’s stake. At the same time, a purchase of the entire Zarenkov stake is not up for discussion,” Etalon said in a statement in response to Reuters questions.

The three sources said that earlier this year the Zarenkov family was in talks over a potential sale of the stake with Lider Invest, a real estate firm controlled by Russian conglomerate Sistema. However, those talks have not moved forward, one of the three source said.

In the statement to Reuters, Etalon said there are no current talks with Sistema or Lider Invest. A Lider spokeswoman and a spokesman for Sistema both declined to comment on Etalon. (Additional reporting by Anastasia Tetervleva Writing by Katya Golubkova)

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