April 1, 2009 / 9:57 AM / 10 years ago

UPDATE 1-Kerimov buys stake in Russian developer PIK

* Tycoon buys 25 percent stake from founding shareholders

* Management “will not tolerate” changes to business focus

* Kerimov making second recent acquisition in sector

(Adds detail, background)

MOSCOW, April 1 (Reuters) - Banking and mining tycoon Suleiman Kerimov’s Nafta Moskva bought a 25 percent stake in Russian residential developer PIK (PIKK.MM) from its two founding shareholders, PIK said on Wednesday.

Shareholder and chief executive Kirill Pisarev and his partner Yury Zhukov sold the shares at an undiscosed price to Kerimov’s investment vehicle, PIK said in a statement.

“PIK Group retains its main business focus, construction of mass market economy class housing in Moscow region and other regions of Russia and is determined to expand its activity.

“The top management and core management team also will not tolerate any changes,” PIK said.

Kerimov, who sold a major development project, dubbed the “City of Millionaires”, before the crisis hit last year, in February 2009 bought St Petersburg builder Glavstroi SPB, from Oleg Deripaska.

PIK <PKGPq.L >, which builds housing blocks on the outskirts of Moscow and has its own factory to produce building panels, has restructured part of its debt but is facing a 2.7 billion rouble ($80 million) lawsuit from creditor VTB (VTBR.MM). (Reporting by Yuliya Komleva; writing by Melissa Akin; Editing by Dan Lalor) ($1 = 33.90 roubles)

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