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Machinery
June 30, 2010ZATR announced EGM, with income for 2008 and 2009 distribution on the agenda

Zaporizhtransformator [ZATR UZ, BUY], a leading Ukrainian high-voltage transformer producer, announced EGM to be held at August 10, 2010, with income for 2008 and 2009 distribution on the agenda.

Agriculture
June 29, 2010Kernel has no obligations towards Corolex’ minorities

Kernel Holding [KER PW, HOLD], a major Ukrainian sunflower oil and grain exporter, has announced that it has no obligations towards the acquisition from Cross Trade Financial Ltd of 6 % minority interest in Corolex Public Co Ltd (former Alseeds). Such a clarification was provided in response to erroneous information disseminated by news agencies. Currently Kernel controls 94% in Corolex and has scheduled its EGM for August 10, 2010. One of the issues on the agenda is a disposal of Company’s key assets.

Machinery
June 29, 2010LTPL intends to supply Mongolia with 13-15 locomotives

Luhanskteplovoz [LTPL UZ, BUY], the leading Ukrainian locomotives producer, intends to sign a contract with the help of Transmashholding (LTPL’s owner) with Mongolian Railways for the delivery of 13-15 locomotives between now and 2011, said LTPL’s CEO, Mr. Bykadorov. He also added that the company is in negotiations with Syria regarding the modernization of locomotives and the delivery of new equipment.

Metals and Mining
June 29, 2010Kharcyzk Pipe will pay out dividends for 2009

In their AGM, held on June 25, shareholders of Kharcyzk Pipe decided to pay out dividends for 2009. UAH 590 thousand in 2009 net income, or UAH 0.22 per share, will be distributed.

Metals and Mining
June 29, 2010MMKI signs 25-year contract with Metinvest on raw materials supply

According to Vladimir Boyko, CEO of Mariupol Illich ISW, the company has signed a 25-year agreement with Metinvest Holding on the supply of raw materials, namely coke and concentrate. He also noted that this plays into the hands of the company’s current management in terms of the conflict concerning MMKI’s ownership.

Economy and politics
June 24, 2010Ministry of Finance to Issue Eurobonds in July

The Ukrainian Ministry of Finance plans to issue sovereign Eurobonds in July 2010, Deputy Ministry Mr. Andriy Kravets recently announced. According to Kravets, the volume of the issue hasn’t yet been determined and would depend on investor demands. Mr. Kravets also noted that the Ministry anticipates the issue to yield 6-7%.

Agriculture
June 24, 2010Kernel Purchased 94% Stake in Allseeds

Kernel Holding [KER PW, HOLD], a major Ukrainian sunflower oil and grain exporter, has announced that it has executed its option agreement and purchased a 94% stake in Allseeds, another major sunflower oil producer in Ukraine. According to KER’s announcement, the preliminary EV for Allseeds is USD 210 mln. The final sum is subject to adjustment depending on Allseeds’ audited 1Q2010 results, which will become available by the end of 2010. Currently KER is incorporating Allseeds’ key assets into the company’s own accounting structure. On August 10, 2010 an EGM is scheduled at Allseeds, and one of the issues on the agenda is the disposition of assets.

Agriculture
June 23, 2010VTB Bank may suggest that LSE exclude Avangard from listing on June 23, 2010

VTB Bank (Kyiv) may suggest that the London Stock Exchange (LSE) exclude Avangard’s [AVGR LI] DRs from listing. VTB Bank believes that Avangard and other entities associated with Mr. Bakhmatyuk might have violated business ethics principles. The underlying reason for this belief is a USD 27 mln loan that the companies refuse to return. The bank started court lawsuits in October 2009 to recover the above-mentioned debt.

Machinery
June 23, 2010Azovmash delivers three aerodrome fuelers to Vietnam

Azovmash, one of the largest Ukrainian machinery holdings that controls both Mariupol Heavy Machinery (MZVM UZ, BUY) and Azovzagalmash (AZGM UZ, U/R) finished production on three aerodrome fuelers for Vietnam. The company noted that the fuelers were already en route to their final delivery destination.

Strategy
June 22, 2010Ukraine may start road show in July

Ukraine may start a Eurobonds road show in July, reported Interfax, with reference to a source in the banking community.

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