O1 Group, a Boris Mints’ private holding company that invests in a variety of companies and sectors, and ICT Group have announced the completion 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 percent, with the company’s management owning 1 percent.
The deal will entail changes in the Board of Directors of O1 Properties. Konstantin Yanakov, CFO of ICT Group, will join the Board along with Norbert Kickum who will serve as independent non-executive director. Thus the Board will now have 9, rather than 7 members, four of them being independent.
Boris Mints, Chairman of Board of Directors O1 Group, said: “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, added: “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.”