Chernigiv Khimvolokno Looks Toward London IPO

According to company representative Vera Sakhno, Chernigiv Khimvolokno (CHIM: BUY) is planning to conduct an IPO on the London Stock Exchange of about a 30% stake in the company in the next 2-3 years. Vladimir Nesterenko: The company has announced plans to hold an IPO before, though it has never elaborated on the details. Chernigiv Khimvolokno is one of the major suppliers of tire cord to CIS tire producers and is rapidly gaining a share of the CIS tire cord market. The company plans to double revenues by 2008 and to improve margins as it shifts to cost-plus contracts.