At the meeting held on February 15, 2018 Board of Directors of PJSC SAFMAR Financial investments decided to submit to the extraordinary shareholders’ meeting the issue of acquisition of 100% of shares of Non-Governmental Pension Fund (NPF) Doverie, JSC. In case of approval of this transaction by the shareholders' meeting, PJSC SAFMAR Financial investments will begin the merger process of NPF Doverie with the holding’s main pension asset - NPF SAFMAR, JSC.
Avet Mirakyan, CEO of PJSC SAFMAR Financial investments, believes that the merger of funds on the basis of NPF SAFMAR will create a basis for profitability growth of the holding's business pension segment: “The moratorium on transferring insurance contributions to non-governmental pension funds has led to a slowdown in pension market growth. However, the planned changes in the legislation, particularly the new remuneration scheme of NPFs and the planned start of personal pension capital system shall give fresh impetus to the NPF sector. In anticipation of these changes, it seemed logical for us to combine the pension assets of SAFMAR Group of Mikhail Gutseriev. This will increase the shareholder value of the pension business and significantly reduce operating costs.”
The extraordinary meeting of shareholders of PJSC SAFMAR Financial investments, where the issue of participation in the authorised capital of NPF Doverie is to be considered, will be held on March 23, 2018. PJSC SAFMAR Financial investments will also send relevant applications to the Federal Antimonopoly Service and the Bank of Russia in order to coordinate the potential transaction.
As part of consolidation of the pension business of SAFMAR Group, it is also planned to fund and merge NPF Mospromstroy-Fund, which is a part of the Group with NPF SAFMAR.