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Metinvest will gain control over the largest producer of coking coal in Ukraine

Mining industry / Ukraine
Metinvest will gain control over the largest producer of coking coal in Ukraine

Metinvest B.V. (Netherlands), the parent company of the international vertically integrated mining and metallurgical group Metinvest, establishes control over Ukraine's largest producer of coking coal, PJSC Mine Management Pokrovskoe (Donetsk region), which the group became a minority shareholder in 2018 .

According to the company's message in the information disclosure system of the National Securities and Stock Market Commission with reference to the information received on March 3 from Metinvest B.V. information, on March 2, 2021, the company entered into an agreement for the sale and purchase of a share in the authorized capital of Industrial Koal Holding LLC (ICH), according to the results of which Metinvest BV, taking into account the number of shares owned by him and his affiliates as of the date of the conclusion of these agreements, will become (directly and indirectly) the owner of a controlling stake in PJSC "SHU " Pokrovskoye ".

"After the fulfillment of the above agreements, Metinvest B.V. (together with affiliated persons) will directly and indirectly own 67.28% of the authorized capital of PJSC " ShU "Pokrovskoye ", - stated in the information of the enterprise.

As reported in the report of "Metinvest " for 2020, the company, with a 24.77% stake, planned to buy back the first part of the option at 25.23% in the Pokrovsky coal business by October 2021, and complete the acquisition the rest of the option in the amount of 49.99% in this asset until the end of 2022.

On October 1, 2020, the group received approval from the Antimonopoly Committee of Ukraine (AMCU) in relation to gaining control over individual enterprises that are part of the Pokrovsky coal business. According to the terms of the AMCU's approval, the transaction must be completed within a year after the date of approval.

The AMCU allowed Metinvest to acquire Industrial Koal Holding LLC (ICH), PJSC Mine Management Pokrovskoe, LLC Enrichment Factory Svyato-Varvarinskaya and LLC Shakhtostroitelnaya company". The Committee granted this permission to Metinvest following the consideration of four cases of concentration, which are a single transaction, as well as permission to purchase LLC Mine "Svyato-Pokrovskaya No. 3 ", LLC "Uglepromtrans ", LLC "Svyato-Ilyinsky Machine-Building Plant ", PJSC "Automobile Enterprise " Ukrbud "and " Mine Construction Department No. 1 ". At the same time, the AMCU has established a number of conditions for the issuance of permits.

It was also reported that the Metinvest group in August 2018 officially announced the purchase for approximately $ 190 million up to 24.99% of the shares of several Ukrainian assets, which include enterprises from the Donetskstal group engaged in mining , coal preparation and sale.

In turn, Fintest Trading Co Limited (Cyprus), the holding company of the "Donetskstal " group, sold 40.847688% of the PJSC "Mine Administration " Pokrovskoe "(Donetsk region, formerly the mine " Krasnoarmeyskaya-Zapadnaya No. 1), and 57.2927% of the shares of this enterprise were transferred from PJSC "Donetskstal " - Metallurgical Plant "to ICH.

In ICH, according to the Unified State Register of Legal Entities and Individual Entrepreneurs, Metinvest B.V. owns 24.99% each. (Netherlands), Altana Limited, Treimur Investments Limited (both British Virgin Islands), Misandyco Holdings LTD (Cyprus). As of mid-2020, these four companies also directly owned 9.9894% of the "W /y " Pokrovskoye ".

W /u "Pokrovskoe " is the largest producer of coking coal in Ukraine. In 2019, the company increased its revenue by 32.7% to UAH 8,554.25 million, having received a net profit of UAH 925.01 million against a net loss of UAH 998.13 million a year earlier.

"Metinvest " is a vertically integrated mining group of companies that manages assets at every link in the production chain: from iron ore and coal mining and coke production to the production of semi-finished products and final products from steel, rolled pipes and coils, as well as the production of other products with high added value. The group consists of mining and metallurgical enterprises located in Ukraine, Europe and the USA and has a sales network covering all key world markets.

The main shareholders of Metinvest are SCM Group (71.25%) and Smart Holding (23.75%), jointly managing the company.

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