Cyprus Barlenco Ltd, affiliated with the largest Ukrainian mining and metals group Metinvest, has announced plans to use the squeeze-out right to buy shares from minority shareholders in the group of the following private joint-stock companies (PrJSCs): Inhulets Ore Mining and Processing Plant (InGOK), Pivnichny (Northern) Ore Mining and Processing Plant (SevGOK), Central Ore Mining and Processing Plant (CGOK), Azovstal Iron and Steel Works and Mariupol Ilyich Iron and Steel Works.
“In accordance with the procedure provided for by the Final and Transitional Provisions of Law No. 1983-VIII dated March 23, 2017 (on raising the level of corporate governance in JSCs), the company must approve the price of the mandatory sale of shares no later than 25 working days from the date of receipt of this notification,” the mentioned PrJSCs said on their websites on March 3
On March 2 the PrJSCs received Barlenco’s letters with the notification, which was sent on March 1.
It says that Metinvest owns 4,067,118,163 shares, or 94.74401% of Azovstal, 12,287,452,297 shares, or 99.322555% of Mariupol Ilyich, 1,183,585,257 shares, or 99.75098% of CGOK, 2,753,197,52 shares, or 99.767067% of InGOK, and 2,235,791,021 shares, or 96.41901% of SevGOK.
Documents featuring the structure of ownership of Barlenco Ltd and affiliated entities, which were sent with the letter, were not posted in the information disclosure system and on the websites of the PrJSCs.
Currently, shares of Azovstal on the Ukrainian Exchange are quoted at the following rate: UAH 1.005 UAH (purchase) and UAH 1.19 (sale). The rate of the latest deal is UAH 1.12. (Interfax-Ukraine/Ukrainian metal)