MMK Illicha's Controlling Shareholder To Change Its Ownership Structure.

The closely held company Illich Stal, which owns 90.41% in MMK Illicha (MMKI), sold a portion of its treasury stock (equal to 12.5% of its charter fund) to an undisclosed buyer on June 14, 2006. Previously, roughly 75% of Illich Stal was controlled by an organization of former MMKI lessees affiliated with MMKI’s CEO Volodymyr Boyko, and the remaining 25% stake was cross-held directly by MMKI. Those stakes will be slightly diluted as a result of the treasury stock sale. Concorde Capital: We believe the 12.5% stake in Illich Stal was sold either to existing Illich Stal shareholders or to another company affiliated with Boyko. It is unlikely that Boyko, MMKI’s CEO and the key beneficiary, would want to weaken his grip over the steel mill.