Inteco facts for kids
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| Joint-stock company | |
| Industry | Real estate, Construction |
| Founded | 1991 |
| Headquarters | , |
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Key people
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Alexander Nikolaev (President), Alexander Sokolov (Chairman) |
INTECO (pronounced In-TEK-oh) is a large Russian company that builds and develops properties. They work on big projects in cities like Moscow and Saint Petersburg. Imagine them building new homes, offices, or even whole neighborhoods! Inteco is currently owned by National Bank TRUST. Their main office is in Moscow, Russia.
How Inteco Started
Inteco was founded in 1991 by Yelena Baturina and her brother Viktor Baturin. It began as a company that made plastic products. In 1995, Inteco won a contract to make seats for Luzhniki Stadium, which is Moscow's biggest stadium. Some people wondered if the company got special treatment because Elena Baturina's husband, Yuriy Luzhkov, was the mayor of Moscow at that time.
Also in 1995, Inteco started making plates for a fast-food chain called Russkoe Bistro. Later, Inteco moved into the construction business. Even though Elena Baturina said it could be tricky, Inteco became very successful. At one point, it built about 20% of all new buildings in Moscow. The company has always said it won all its projects fairly and legally.
In 2011, INTECO was sold to a group called SAFMAR. Then, in 2017, control of INTECO went to the Banking Sector Consolidation Fund. This fund created a new team to lead the company. In 2018, Inteco's shares were moved to the Bank of Non-core Assets. This bank was set up by the Central Bank of Russia to help fix the banking system.
In 2019, INTECO changed its brand and introduced a new logo. For the first time in seven years, they started selling new construction projects in Moscow. These included the West Garden and Westerdam housing complexes. By October 2020, National Bank TRUST owned 100% of INTECO's shares.
Company Projects and Changes
In 2005, Inteco sold its concrete factories and a company called DSK-3. These sales brought in a lot of money. Evrotsement bought the concrete business, and PIK Group bought DSK-3. People thought these sales happened because the mayor's time in office was coming to an end.
In 2007, Viktor Baturin sued Inteco. He said he was unfairly fired in 2005. Inteco had bought his 1% share of the company. However, Viktor Baturin claimed his share was actually 25% until it disappeared a few years earlier.
After Mayor Luzhkov was no longer in his position, he told a newspaper that Russian authorities might try to break up Inteco.
In 2011, Mikail Shishkhanov and Sberbank Investments bought the company. Shishkhanov bought 95% of the shares, and Sberbank bought the remaining 5%.
By 2017, Inteco had a lot of debt. The Russian Central Bank took over the company from Mikail Shishkhanov. Inteco was expected to make a profit in 2020 for the first time in many years. The company might even offer its shares to the public later on, which is called an IPO. As of July 2019, the company still had significant debt.
