companies and markets

Zaporizhstal set to boost statutory fund

23.07.2010 | kyivweekly.com.ua

The Zaporizhstal iron and steel works (Zaporizhia) is intending to boost the statutory fund by UAH 132,184,089.25 through an additional issue of shares, to UAH 793,104,534.

In a statement, the company said it planned to issue additional 528,736,357 shares of the current nominal value of UAH 0.25 each. The subscription to the shares will be performed in two stages: from October 1 through October 15, 2010, and on October 16 and October 17, 2010.

The company it aimed to raise the level of capitalization. On May 12, chairman of the Zaporizhia oblast dministration Borys Petrov said Rinat Akhmetovs System Capital Management Rinat Akhmetov had acquired the 50-percent stake in Zaporizhstal, however, the SCM refuted that information. Some media reported that SCM has signed with owners of Zaporizhstal an agreement to buy shares of Zaporizhstal and paid US $50 mn of advance money. Media said the sum of the deal was over US $ 1.2 bn.

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