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TMM Announces New Projects, 2009 IPO Plans

TMM Announces New Projects, 2009 IPO Plans

17 October 2008

At a press conference yesterday, TMM Real Estate Development (TR61 GR: BUY) announced two internal development projects: a EUR 3 mln concrete plant in Kyiv region that it will start construction in 2008, and a EUR 33 mln brick plant in Kirovohrad that is due to be commissioned in 2009. The projects will increase the company’s self-sufficiency in raw materials and further bolster its vertical integration. TMM officials also shed light on their long-term financing strategy, indicating that they planned to place USD 150 mln in Eurobonds in 2008 and are targeting the placement of a 20% stake in 2009 on an international exchange. Additionally, the company revealed three new residential projects in its pipeline that are already accounted for in our valuation: one in Kyiv region on a 70,622 ths m2 land plot that it will begin building in 2Q08, another in Kyiv on a 72,773 ths m2 land plot that it will start constructing in 1Q08 and a third 26,691 ths m2 complex in Kyiv that it will commence building in 2009.

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