Russian billionaire Makarov's firm slashes stake in Canadian gas producer

Spartan Delta

28/03/2022 21:31

March 28 (Reuters) - Russian billionaire Igor Makarov's
privately held investment company has sold more than half its
stake in Canadian natural gas producer Spartan Delta Corp
 SDE.TO  for $121.5 million.
    Makarov's ARETI Energy SPV said on Monday it sold 15 million
shares, or 9.8% of Spartan, for C$8.10 per share. After the
sale, it will own around 8.4% of the company.
    The exit comes on the heels of Canadian sanctions against
some Russian oligarchs and companies. 
    Earlier this month, Canada imposed sanctions on five Russian
individuals including billionaire Roman Abramovich and is
barring 32 Russian companies and government entities from
receiving defense equipment or supplies from Canada.
 urn:newsml:reuters.com:*:nL2N2VE0WL
    "The purpose of the share sale is to generate immediate
liquidity and reduce ARETI's overall economic exposure to
Spartan," ARETI Energy said in a statement.
    Many companies have limited, put on hold or exited business
activities in Russia after several governments slapped sanctions
on Moscow over its invasion of Ukraine.    
    Russian President Vladimir Putin sent his troops into
Ukraine on what he calls a "special military operation" to
demilitarise and "denazify" Ukraine. Ukraine and the West say
Putin launched an unprovoked war of aggression.
    According to a Forbes profile https://www.forbes.com/profile/igor-makarov/?sh=11028cea5c01,
 Makarov is the founder of Itera, Russia's first independent gas
company. 
    Rosneft  ROSN.MM  bought Itera https://www.reuters.com/article/us-russia-rosneft-itera-idUSBRE9610FB20130702
 from its founder in 2013, and the company was later rebranded
as ARETI International Group of Companies.
    

    

 (Reporting by Rithika Krishna in Bengaluru; Editing by Devika
Syamnath)
 ((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))