Kryukiv Wagon to divest its subsidiary to Estonian AS Skinest Finants

Kryukiv Wagon (KVBZ UK) will divest its 75% stake in its subsidiary, Kremenchuk Metal Works, to Estonian AS Skinest Finants, Interfax reported on Nov. 19. Currently, AS Skinest Finants controls a 25.2% stake in Kryukiv Wagon. The value of the transaction is not disclosed.

Roman Dmytrenko: We believe the transaction is motivated by a change in Kryukiv’s organizational structure – after Stanislav Gamzalov acquired s 25% stake in the company this summer – and should not have any material impact on Kryukiv’s future operations. Kremenchuk Metal Works, whose core activity is producing railway sleepers and pillars, reported USD 3.4 mln in sales and EBITDA of USD 100,000 in 1H12.