Daily monitor

Azovstal [AZST UZ, BUY] announced an updated majority shareholder composition. According to a May 26 official filing, Metinvest B.V. of the Netherlands owns 2.959 bln shares (70.55%), and Metinvest International S.A. of Switzerland controls 0.904 bln shares (21.56%).

Electricity distribution company Odesaoblenergo [ODEN] approved a bond issue of USD 100mln during its AGM May 22, 2008. The money will go towards construction of the Combined Cycle Power Plants (CCPP) near the city of Odesa.

Poltavaoblenergo [POON] CEO Vladimir Cherniavskiy believes that privatization of the remaining 25% stake in the electricity distributor will solve a long-standing corporate conflict within the company. This will positively influence POON and open new perspectives for the company’s development, he told the Interfax news agency. During his interview, he also mentioned that successful privatization will allow the company to attract international funding for further business development.

On May 23, shareholders of Dniprospetsstal [DNSS UZ, U/R] re-elected the Board of Directors in full at an EGM. The meeting also decided to employ Energy Registrar Company LLC as the registrar.

On May 23, Moody’s, the rating agency, upgraded its outlook on the B3 rating of Concern Stirol [STIR UZ, U/R] from “negative” to “stable”.

Dnipropetrovsk Tube Works [DTRZ UZ, U/R] reduced its output 24.9% YoY to 55 thsd metric tons of pipes in 4M2008. The company produces more than 3,000 types and sizes of tubes from carbon and non-alloy steel grade, a chemical compound. The mill belongs to the Industrial Union of Donbas.

Dnipropetrovsk Tube Works [DTRZ UZ, N/R] has reported a USD 1.85 mln loss in 2007. The company has also disclosed its full FY07 report. Selected income statement data: net sales - USD 163 mln (+1% YoY), gross income - USD 152.4 mln (+6% YoY), EBITDA - USD 6.9 mln (-41% YoY).

On May 22, 230.1 thnd metric tons of crude oil were sold at Resources Auction 117 that took place on the floor of the Ukrainian Interbank Currency Exchange.

Shares of Dniprovsky Iron & Steel Works named after Dzerzhinsky, or simply Dzerzhynka [DMKD UZ, BUY], started to trade at prices apparently corrected for the recent 2.44x share capital increase.

After Wednesday’s sudden revaluation of the official UAH rate, the Council of the National Bank vetoed the decision of the NBU board to appreciate the hryvnya.