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Russian insurer Yugoria gets new owner

Russian investment group Region won an auction to acquire OJSC State Insurance Co. Yugoria from Russia's Khanty-Mansiysk Autonomous Area, the insurer said May 30.

PJSC Sovcombank and Concern Rossium, through which Russian businessman Roman Avdeev owns his stake in PAO Credit Bank of Moscow, also participated in the auction.

Region agreed to pay 2.89 billion Russian rubles for the company, which was the minimum asking price set by the seller, Kommersant said May 30. The winner of the auction must sign a purchase agreement within five working days and pay for the transaction within 30 calendar days from the date of signing the contract, the newspaper noted.

As of May 30, US$1 was equivalent to 62.28 Russian rubles.