Russian holding company Gosinkor has unveiled plans to establish a major confectionery holding pinned around Krasny Oktyabr (Red October), Gosinkor president Artyom Kuznetsov announced earlier this week.

A group of investors in whose names Gosinkor acts has taken a 51% interest in Krasny Oktyabr. Current boss Anatoly Daursky will remain in charge of the confectionery group.

Gosinkor also holds a controlling stake in confectionery company Rot Front. It is expected that the new move will lead to Gosinkor setting up a new confectionery holding company including both Rot Front Krasny Oktyabr and other confectionery companies.

Krasny Oktyabr is scheduled to hold an extraordinary shareholder meeting on 11 May at which a new board of directors will be elected that will include representatives of the new shareholders.

Krasny Oktyabr and Rot Front between them have about a 10% share of the highly fragmented Russian confectionery market.