ChEMK Group owner to buy out minority shares at 119.5% of par value
CHELYABINSK. April 3 (Interfax) - LLC Ural-Siberian Metallurgical Company (USMC), the principal owner of the ChEMK Industrial Group, has made an offer to buy out the minority shareholders of OJSC Chelyabinsk Electrometallurgical Works (ChEMK), a major Russian ferroalloys producer, the company said in a statement.
USMC, which now owns 99.606% of shares in ChEMK, is offering to buy out the plant's remaining common shares at 22.10 rubles each.
ChEMK's charter capital consists of 643,315,005 common shares with par value of 18.50 rubles. Minority shareholders hold 2,534,661 shares, so USMC could spend 56.016 million rubles on the buyout.
The company said that ChEMK's board of directors believes the offer price is in line with the market value of the shares estimated by an independent appraiser and the price on the over-the-counter market.
USMC was created in August 2012 with the merger of LLC Perant and LLC Prompererabotka, which are controlled by Chelyabinsk businessmen Alexander Aristov and Yury Antipov and members of their families.