Daily monitor

A corporate relations officer of the Interpipe Group, Oleg Kuzmin, spoke to the Delo newspaper on the prospects of the tubes and pipes markets. Kuzmin expected the markets to stabilize only in one and a half – two years. The Group will continue to push with its mini-mill project that will secure the supply of billets for pipes. Because of the current crisis, the Group plans to cut production 57% QoQ in 4Q08. However, because of the accumulated inventories, sales will drop only 22% QoQ in 4Q08.

Shareholders of Poltava GOK [PGOK UZ, U/R] will convene at an EGM on December 30, 2008, and discuss two unexpected questions. The first question of the agenda is changing the structure of the managing bodies of the company. The second question is changing the registrar.

Ukraine will start negotiations with the Euro Commission on the development of a common energy union, Ukrainian VP Grigoriy Nemyrya informed yesterday. The negotiations will begin on November 25 and during the first stage of the process, Ukrainian authorities plan to harmonize Ukrainian legislation in the energy sector to accord to European energy rules.

The Cabinet of Ministers of Ukraine overturned the ruling, according to which the stakes in four thermal power generating companies (GenCos) and stakes in six distribution companies (DisCos) were to be withdrawn from the control of the National Energy Company of Ukraine (NECU) and handed over to the State Property Fund (SPF).

According to Nadra Bank’s press service, Group DF became the major investor in Nadra Bank on November 19, 2008. "Nadra Bank has attracted a large investor, Group DF, a private international group of companies. Today, the bank possesses a stronger position than earlier, due to the synergy of a successful banking brand and a strong industrial group," states the press release.

According to the State Statistics Committee of Ukraine, foreign direct investments into the country’s agriculture, hunting and forestry expanded by 60.95% YTD to USD 897 mln in 10M08.

The shareholders of the Kernel Group [KER PW, N/R] decided to not to pay out dividends for the 2007/08 financial year. This decision was taken at their AGM, which was held on November 17, 2008. The company’s losses for the last periods in amount of USD 5.1 mln, will be transferred to the forthcoming year.

Ukraine has exported about 10 mln mt of grain since July 2008. Moreover, Ukraine exported 2 mln mt of rapeseed over the same period. This data was released by Ukrainian News.

According to an official filing by Khartsyzk Pipes & Tubes [HRTR UZ, N/R], as of November 18, Metinvest B.V. of the Netherlands owns 76.78% of shares outstanding in the company, having just increased its stake by 10.49%. On the other hand, MetalUkr Holding Limited has just decreased its stake by 10.49% and now owns 16.22%.

On October 23, shareholders of the Eurocement Group Ukraine (Kyiv) will gather for an Extraordinary General Meeting, at which participants will consider the sale of more than 50% of the company’s property.