Mariupol Heavy Machinery 11% stake sold by SPF
29 January 2010
The State Property Fund sold an 11% stake in Mariupol Heavy Machinery (UX: MZVM UK) on the Innex Stock Exchange on Wednesday, Interfax reported yesterday. The entire stake was sold for UAH 17.4 mln, or UAH 10.29 per share. Yegor Samusenko: The block was sold at a 61% discount to the market price. We expect short-term downward pressure on the market price, but expect recovery later because the stock is undervalued compared to its local peers. If this stake becomes available for investors, Mariupol Heavy Machinery’s free float would increase to 27%, ~USD 13 mln at current market prices.
