Majority shareholder of Ukrainian Sadovaya Group becomes CEO
KYIV. Nov 1 (Interfax) - Alexander Tolstoukhov, the majority shareholder and co-founder of Ukrainian coal company Sadovaya Group, has been appointed CEO of LLC Sadovaya Group Management company (Alchevsk, Luhansk region), the company said in a press release.
Sergei Sinyanskiy, who had held the post since June 2012, has become an advisor to the board of directors.
Sadovaya Group is the largest private producer of coal in Ukraine. In December 2010 it raised 92.6 million Polish zloty ($31.9 million) with an IPO of 25% of shares on the Warsaw Stock Exchange. Before the IPO all Sadovaya Group shares belonged to Connektico Ventures Limited (Cyprus), which is owned by Tolstoukhov (51%) and Sergei Stetsurin (49%).
The company ended the first half of 2012 with net profit of $2.81 million, down from $7.8 million in the same period of 2011. Revenue fell 36.9% to $27.35 million. Sadovaya Group stopped production at its Sadovaya mine in Alchevsk in mid-October due to low demand and a fall in sales.
