Magnitogorsk Iron & Steel Works wins in IPO Olympus 2007

8 April 2008 (09:19)

Magnitogorsk Iron & Steel Works (MMK) won in the 4th All-Russian IPO Olympus 2007 contest, getting the prize in the Best Corporate Management Practice category. The contest was part of the 4th All-Russian IPO Congress, Russia’s major forum dedicated to the investment issues. The congress can be useful for all the Russian issuers as well as professionals dealing in public offers. The congress was divided into panels on preparing for a public offer and going through with it. Experts from the state bodies like the Federal Financial Market Service, the Central Bank, and the Ministry of Finances and top executives of largest underwriter banks, investment and insurance companies, law offices, and rating and PR agencies conducted Q&A sessions for the forum participants.

The agenda of the congress included the awarding ceremony of IPO Olympus 2007 professional prize given to the Russian issuers who went through with a public offer on the international market. The award symbolizes the stock market experts’ appreciation of the issuer’s great corporate management standards, professionalism, and financial success.

MMK won in one of the eight categories on the basis of the National Corporate Management Rating method, with criteria like protecting the stockholders’ rights, compliance with the Corporate Conduct Code, transparency level, and equal access to information for all kinds of shareholders.

MMK carried out its IPO at London Stock Exchange in April 2007, confirming its public status, getting some feedback from the investment community, and attracting $1bn worth of investments.

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