6 Oct 2014 19:40

Akron postpones sale of remaining Uralkali shares; awaits share price increase

MOSCOW. Oct 6 (Interfax) - Acron has put off sale of its remaining shares in Uralkali in anticipation of higher share prices, VTB Capital said in a survey following a meeting with Akron's management.

Akron currently owns 1.13% of shares in Uralkali. The current market value of the stake is $121 million.

Uralkali plans to carry out a reorganization before year-end, merging a subsidiary, CJSC Uralkali-Tekhnologia, and liquidating quasi-treasury stock amounting to 12.5% of shares, which will increase Akron's stake to about 1.3%.

Akron sold 0.64% of Uralkali shares in the first half for $87 million. Akron management had previously said it planned to sell off the Uralkali shares in 2014.