Moscow, Russia-based conglomerate AFK Sistema has continued its efforts to purchase businesses in Russia’s Far East with the purchase of a 99.99 percent stake in Loyd-Fish LLC.
AKF Sistema announced a plan to begin buying companies in Russia’s Far East in the second quarter of 2022, and soon after, acquired a 75 percent stake in Kristall Fish and a 10 percent stake in Khangar, both located in the Kamchatka region of Russia. Its purchase of Kamchatka-based Loyd-Fish continues further expands the company’s holdings in the region.
Interfax reported the acquisition was through a subsidiary of AFK Sistema – dubbed the Kamchatka Project, which sourced shares for the purchase from Yuri Logish and Ruslan Shaykhov.
According to Interfax, Loyd-Fish had 16 fishing vessels and two processing plants with a combined capacity of 440 metric tons per day. The company’s revenue in 2021 amounted to RUB 1.66 billion (USD 24.4 million, EUR 22.7 million) and its net profit was RUB 877 million (USD 12.9 million, EUR 12 million).
AFK Sistema representative Sergey Kopytov told media in 2022 that the plan for the region is to create a vertically-integrated seafood company called Voskhod. Voskhod fishing holdings was formed in 2021 after the purchase of a 49 percent stake in Kamchatka-based Zarya, a deal experts said marked a significant milestone in the consolidation of the country’s fishing industry. Since that time, AFK Sistema has increased its stake in Zarya to 90 percent. The company had increased its stake in Khangar to 90 percent as of 30 December, 2022.
AFK Sistema said it plans to continue its investments in the fishing holdings of Voskhod to create an industry-leading firm.
Sistema has a history of successful deals in a number of sectors of Russia’s economy, including telecommunications and oil. The company is run by Vladimir Yevtushenko, an investor who first became active in deal-making in the 1990s and who has been sanctioned by Australia and the U.K.
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