A company belonging to PJSC Uralkali Deputy Chairman Dmitry Lobyak bought a 10% interest in the potash producer from PAO Sberbank of Russia for 26.2 billion Russian rubles June 13, Interfax reported the following day.

Lobyak's Cyprus-based company, Rinsoco Trading Co. Ltd., picked up the state-owned bank's interest for 89.30 rubles per share, according to the Russian news agency.

The closing price of the shares June 13 was 88.12 rubles apiece.

Uralkali's other deputy chairman, Dmitry Mazepin, owns 19.19% of the company through fertilizer conglomerate Joint Stock Co. United Chemical Co. Uralchem, according to its website.

After the sale of Sberbank's holding, Uralchem, Rinsoco and Uralkali control over 96% of shares in the potash producer. Mazepin has said that Uralkali planned to complete a squeeze-out this year and balance the shareholder structure.

Uralkali had made changes to its list of affiliated entities, according to which the company and its shareholders, Rinsoco and UralChem, are deemed to be one group of entities, enabling them to announce a mandatory buyout of minority shareholders, according to Interfax.

Lobyak acquired a 20% holding in Uralkali in 2016 and sold the 10% interest to LLC Sberbank Investments in 2018.

An offer Rinsoco later made to buy out 13.2% of the fertilizer producer — comprising Sberbank's stake plus the free float — expired at the beginning of the week.

Uralkali decided to delist from Moscow's stock exchange in 2017, but the process has still not been completed.

As of June 13, US$1 was equivalent to 64.56 Russian rubles.