Shares of Integrated Metallurgical Complex of Magnitogorsk to enter ‘B’ listings of RTS and MICEX stock exchanges on July 4, 2006

27 June 2006 (09:04)

Integrated Metallurgical Complex of Magnitogorsk declared its intention of completing the dual listing procedure at RTS and MICEX stock exchanges.

By July 4, 2006, the company shares will enter ‘B’ listings of both stock exchanges. Earlier, their shares were traded at the stock exchanges without entering any stock list since December 26, 2005.

‘The shares are traded at the level of $.7 per share. The placement of the additional 2% shares issue is not likely to affect the quotation, and, given the small amount and low liquidity of the shares, there don’t appear to be any market opportunities out there,’ the spokesperson for FINAM Investment Company Natalia Kocheshkova said to UrBC representative.

‘The amount of publicly offered shares of the company is still quite insignificant (the estimates come to something between 3% and 5%), which does not help to raise their liquidity,’ Ms Kocheshkova added.

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