Nikopol Ferroalloy Registers Share Issue with SEC

Interfax reported that the Ukrainian Securities & Exchange Commission registered the additional share issue conducted by Nikopol Ferroalloy (NFER: HOLD). The company’s charter fund was increased 410% to USD 76.8 mln. Andriy Gerus: We believe this approval eliminates the risk of reprivatisation as the disputed 50%+1 stake is diluted to 9.8%. The market was fast to react to the positive news: the stock jumped 30% on Friday. Given decreased risks and the booming ferroalloy market, we maintain our HOLD recommendation.