SPF Calls For Cancellation Of Rivneazot (RAZT) Sale To Raiffeisen Investment AG

Raiffeisen Investment AG bought 58.86% of Rivneazot in September 2003 for USD 9.1mn, while the starting price was USD8.7mn. The head of Ukraine?s SPF has said the company was bought at lower than book value, and that the company’s privatization violated the law. In December 2003, Raiffeisen transferred the shares to its daughter company RAAM Beteiligungsverwaltungs GmbH. An additional 24% of Rivneazot belongs to Finance & Credit group. Last year, Rivneazot increased sales by 66% to USD98.3mn.