Official says ChelPipe mulling market share offer

MOSCOW, Dec 30 (PRIME) -- Russia’s Chelyabinsk Pipe Plant (ChelPipe) does not rule out the placement of its shares on the market in the future, an official told PRIME on Monday.

“ChelPipe is considering a market offering of the shareholder equity in the future as one of the scenarios but a final decision has not been made, it will depend on several factors, including market situation and adoption of corresponding decisions by the authorized agency,” the official said.

Bloomberg reported that ChelPipe had started consultations on market offering of shares with Russian and foreign banks to float them in the first half of 2020.

ChelPipe’s board of directors decided last week to raise capital by 25%, issuing 76.4 million common shares.

Chairman of the Board of Directors Andrei Komarov holds a 77.26% stake and Pavel Fyodorov a 10.67% stake in the company.

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