16 Mar 2012 12:07

Summa Group to ready YATEK for IPO

MOSCOW. March 16 (Interfax) - The Summa Group plans to place OJSC Yakutsk Fuel and Energy Company (YATEK) shares on the market, and preparing the company for an IPO is a strategic task for company General Director Zairbek Yusupov, a YATEK board of directors decision says.

Summa has consolidated 98% of the stock on YATEK. No comment from Summa has yet been provided. Summa's main owner Ziyavudin Magomedov had said not long ago that a YATEK IPO was a possibility.