19 Aug 2010 17:28

Vostok Nafta ups stake in Kuzbass Fuel Co

STOCKHOLM. Aug 19 (Interfax) - The investment fund Vostok Nafta, a minority shareholder in OJSC Kuzbass Fuel Company (KTK), is growing its stake in the enterprise.

Vostok Nafta bought another one million KTK ordinary shares in Q2, increasing its stake to 4.1%, according to a report by the investment fund. Factoring in the increase in KTK charter capital due to its May IPO, the investment fund's stake is 3.53%. The increase in charter capital was entered into the company's charter at an extraordinary shareholders meeting on June 21.

Vostok Nafta estimates the value of its stake at $20.65 million, and its weight in the fund's investment portfolio is 4.3%, the report says.

The fund bought into KTK capital during a private placement that took place in the fall of 2008, and until the IPO directly held 2.96% of shares.

KTK and its controlling shareholders placed $163 million worth of shares on the MICEX, not counting spending on the conduct of the IPO. Following it, company charter capital was 19.85 million rubles, split into 99,258,355 ordinary shares with par value of 0.2 of a ruble.

Before the IPO, KTK's main shareholder and general director, Igor Prokudin, held 60.9% of the company's stock - including 56.94% via the offshore Mizar Management. After the IPO, Mizar Management's stake had contracted to 48.4%.

Laycraft Ltd, belonging to chair of the KTK board of directors Vadim Danilov, had held 28%, but after the IPO was holding 16.27%. Free-floating shares increased from 11% to 35.2% of the company's stock.

KTK consists of coal mines Vinogradvosky, Karakhansky-Yuzhny, and Cheremshansky, and distribution networks Kuzbasstoplivosbyt, Transugol, Altaiskaya Toplivnaya Company, and Novosibirskaya Toplivnaya Corporation, and the infrastructural outfits Kaskad-Energo, Anzhero- Sudzhenskaya TETs, and TEK Metret.