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 is a big Russian company that builds things. It's known for creating large building projects. These projects are mainly in Moscow and other parts of Russia. Some of these areas include Rostov-on-Don and Saint Petersburg. The company's main office is in Moscow. National Bank TRUST is the main owner of INTECO.
Contents
Inteco's Story
How Inteco Started
Inteco began in 1991. It was started by Elena Baturina and her brother Viktor Baturin. At first, it was a company that made plastic products. In 1995, Inteco got a big job. They were chosen to make seats for Luzhniki Stadium in Moscow. This is a very large stadium.
Later, Inteco started working in construction. This means they began building things. Elena Baturina said she had to be careful. Her husband, Yuriy Luzhkov, was the mayor of Moscow at the time. Inteco became very successful in building. At one point, they built 20% of all new buildings in Moscow. The company has always said they won their building jobs fairly.
Changes in Ownership
In 2011, INTECO was sold to a group called SAFMAR. Then, in 2017, the company's control changed again. It went to the Banking Sector Consolidation Fund. This group set up a new team to lead Inteco.
In 2018, Inteco's shares moved to the Bank of Non-core Assets. This bank was created by the Central Bank of Russia. It helps to fix problems in the banking system.
In 2019, INTECO changed its brand. They got a new logo. They also started selling new building projects in Moscow. These included the West Garden and Westerdam housing complexes. By October 2020, TRUST bank owned all of INTECO's shares.
Building Projects and Business Changes
Selling Parts of the Company
In 2005, Inteco sold some of its businesses. They sold their concrete factories. These factories made up a third of the company's income. They also sold DSK-3, which made parts for buildings. These sales brought in $1.1 billion. Another company, Evrotsement, bought the concrete business. PIK Group bought DSK-3.
Company Ownership and Finances
In 2011, Mikail Shishkhanov and Sberbank Investments bought Inteco. Shishkhanov bought 95% of the company. Sberbank bought the other 5%.
In 2017, the Russian Central Bank took over Inteco. This happened because the company had a lot of debt. The Central Bank helped to manage the company. Inteco was expected to make a profit in 2020. The company might consider selling shares to the public later on. As of July 2019, the company had about $474.26 million in debt.
