TMM could sell 10-30% stake in mid-2010
19 October 2009
TMM Real Estate Development (TR61 GR) could sell a 10-30% equity stake in mid-2010, CEO Mykola Tolmachov said on Friday, according to Interfax. Andriy Gostik: The company recently announced that it improved its balance sheet by repaying short-term debts. Thanks to this, the company is under less severe pressure to raise financing than most other local developers. Yet, TMM will need to attract either equity or debt to fund new construction. We do not think that 2010 will be ripe for placements, especially in the real estate sector, but we admit that certain private equity type deals might occur and TMM is well positioned to be among candidates provided valuation is reasonable.
