Oranta Insurance Raises USD 40 mln via Placement of 11.4% Stake

Oranta Insurance (SORN: N/R) raised USD 39.7 mln by placing 11.4% of its shares on the PFTS. Participants in the placement included more than twenty Ukrainian and international investors. The company’s market capitalization at placement was USD 349.8 mln. Alexander Viktorov: The deal was valued at x3.0 P/Premiums, based on 2007 estimates, which is 14.3% lower than Kazakh bank TuranAlem paid for a 25% stake in the insurer at an October privatization tender. The placement price is on par with the level of the other traded Ukrainian insurer: Universalna Insurance currently trades at x3.5 P/Premiums.