Zinc Plant of Chelyabinsk publishes memo on IPO in Britain

20 October 2006 (11:30)

Zinc Plant of Chelyabinsk published a memo concerning the issuer’s intention to offer 70% of the upcoming initial public offering in GDR format at London Stock Exchange and offer 30% of the IPO at Russian Trading System, another bourse; the memo was published in Britain yesterday, reports Kommersant newspaper.

According to the spokesperson for the plant, the company is planning to offer both the owners’ shares and the extra issue coming to 6.4% of the authorized capital; all shares were registered with the Federal Financial Market Service on October 12, 2006, when the issuer offered 325,173 shares with face value of 1 RUR each. Thus, claim the analysts from the Bank of Moscow, given that the plant manages to sell up to 40% of its shares, the Group it belongs to (it currently owns 88% of the stock) will retain control over the company (its share holding will come to 50% plus one share).

Zinc Plant of Chelyabinsk is going to announce the prices to be operated with in the course of the IPO on October 26, 2006.

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