Cypriot-based Barlenco Ltd, affiliated with Metinvest B.V., Metinvest International SA and Metinvest Holding, which jointly own 96.77401 percent of shares in PrJSC Azovstal steel mill in Mariupol, Donetsk region, announced plans to use its squeeze-out right to buy shares from minority shareholders.
“In accordance with the procedure provided for by the Final and Transitional Provisions of Law No. 1983-VIII of 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…,” Azovstal said in the information disclosure system of the National Securities and Stock Market Commission on Saturday, March 3.
On March 2, Azovstal received Barlenco’s letter, which was sent on March 1.
It clarifies that Metinvest B.V. owns 3,160,758,914 shares of Azovstal, or 75.18456 percent, while Metinvest International SA owns 906,359,237 shares, or 21.55945 percent, and Metinvest Holding LLC holds 12 shares, or 0.0000003%.
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 Azovstal’s website.
Currently, shares of Azovstal on the Ukrainian Exchange are quoted at the following rate: Hr 1.005 (purchase) and Hr 1.19 (sale). The rate of the latest deal is Hr 1.12.
Minority shareholders own 136,881,837 shares.
