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Concorde Capital Buys 90% Of State's 0.33% KSTL Stake

Concorde Capital Buys 90% Of State's 0.33% KSTL Stake

22 November 2008

The State Property Fund sold a 0.33% stake in Mittal Steel Kryvy Rig (KSTL: BUY) this morning on Ukraine’s Interbank Currency Exchange for USD 9.9 mln. Concorde Capital bought over 90% of the shares on offer at USD 0.774 per share for a total of USD 11.24 mln. Today was the first of four tenders for the state’s remaining 1.74% stake in KSTL.  On December 1, the state is scheduled to place a 0.32% on the PFTS, followed by 0.33% on December 12 on the Ukrainian Stock Exchange.  The final 0.32% block is to be sold on the INNEKS (formerly the Donetsk Stock Exchange) on December 20. At the close yesterday the mid-market price for KSTL was about USD 0.95 per share.

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