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    Investment idea // A new player may appear in the top three market leaders

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    The third turkey producer in Russia, the Gafuri Bashkir Poultry Complex (BPC), put up for auction, may go to an unexpected buyer. The winner of the auction with a price of over 3.3 billion rubles. became a structure associated with the Don Agro agricultural holding of the former top manager of the MDM group, Yevgeny Tugolukov. The turkey market is not yet saturated, and the decline in grain prices has a positive effect on the profitability of this business. from Kazakhstan, which offered 3.3 billion rubles for the asset. The trading protocol is placed in the register of bankruptcy information. According to Kommersant‘s interlocutor, who knows about the auction, the winner is connected with Don Agro agricultural holding of the former top manager of the MDM group Yevgeny Tugolukov.

    According to the service of the Astana International Financial Center, GB Finance Ltd. was established at the end of April 2022, the owner of the company is Denis Cherkashin. A person with that name and surname was among the shareholders of Multibank, whose assets, according to media reports, were transferred to structures associated with MDM Bank in the 2010s. Marat Devlet-Kildeev, CEO of Don Agro, did not answer questions from Kommersant.

    Belonged to the daughter of former State Duma deputy Marcel Yusupov, Nelli Yusupova, and the former owner of Uralkapitalbank, Damir Kamilov. But difficulties arose with the business, in 2018 the company entered bankruptcy proceedings. The amount of creditors’ claims is 17.5 billion rubles, of which 12.7 billion rubles is a debt to Rosselkhozbank.

    For market participants, the results of trading came as a surprise. Back in 2019, the Ural poultry complex (PK Ural) agreed to lease the BPC, the structure of Alexander Klyachin’s Gleden Invest, among whose assets are the Azimut Hotels chain, the developer KR Properties, the Karat processed cheese plant, etc. According to Agrifood Strategies, in 2021 PK Ural produced 20.24 thousand tons of turkey meat. Today it also corresponds to the third place after Naum Babayev and Rashid Khairov (Indylight brand) and Cherkizovo of the Mikhailov family (Pava-Pava brand). Alexander Klyachin’s representative declined to comment.

    Alexey Panich, a partner at Nikolskaya Consulting law firm, says that an investor can hide his interest in an asset at the bidding stage so as not to attract the attention of other market participants and cause increase in the price of property.

    Mr. Panic notes that the change of ownership does not mean the automatic termination of the contract with the tenant. But, as a rule, the terms of most contracts can allow the landlord to terminate the contract ahead of schedule, he points out.

    For Don Agro, BOD can be an entry into a new business segment. According to its own data, now the holding focuses on crop production and raw milk production. The land bank of Don Agro is 67.34 thousand hectares, and dairy farms at the end of 2021 included more than 4 thousand head of cattle. Agrifood Strategies President Albert Davleev says that despite the general difficulties in the Russian food market, the production of turkey meat continues to grow in annual terms. According to him, demand is supported by stable prices and marketing investments of the largest market participants. According to Mr. Davleev, the profitability of turkey production is positively affected by the decline in grain prices, and the main logistical risks associated with the delivery of hatching eggs, veterinary drugs and feed components were overcome in the first months of the crisis.

    Cherkizovo says that the Russian turkey market is developing very actively, but despite the good dynamics in recent years, it is still far from being saturated. Demand will support the trend towards a healthy lifestyle and the popularity of dietary products, they say.

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