2 May 2024 15:25

BlackRock, Schroder reduce respective stakes in Ferrexpo

MOSCOW. May 2 (Interfax) - U.S. investment company BlackRock Inc. has reduced its stake in the voting shares in London-listed Ferrexpo plc, which has assets in Ukraine, from 7.53% to 4.90%, Ukrainian media reported, citing Ferrexpo's financial statement for 2023.

Ferrexpo also said that Britain's Schroder Investment Management has reduced its stake from 6.53% to 4.73%.

As clarified, the information is provided as of April 12, 2024, which was the last possible date before the publication of the annual report and financial statement.

As reported, Luxembourg-based Fevamotinico S.a.r.l., a subsidiary of Singapore's Minco Trust, whose beneficiaries are Konstantin Zhevago and two other members of his family, owns 49.32% of Ferrexpo plc.

Additionally, a Ukrainian court has reportedly imposed restrictions on the corporate rights of all Ukrainian subsidiaries of the Ferrexpo mining company as part of an ongoing series of legal proceedings against Zhevago relating to his Finance and Credit bank. Restrictions have been imposed on 49.5% of the shares in the group's Ukrainian subsidiaries, with the exception of TIS-Mine LLC and Nova-Logistics LLC, where the collective restriction is 24.7% and 25.2%, respectively.

Ferrexpo wholly owns Yeristovsky Mining and Processing Plant (GOK) LLC, 99.9% of Belanovsky GOK LLC, and wholly owns the shares of Private JSC Poltava GOK.