ING Polish pension fund acquires 8pct in Coal Energy with Ukrainian assets

Saturday, 13 Aug 2011

Interfax reported that ING Polish pension fund has acquired 8.5% of the shares in Luxembourg based Coal Energy SA which has consolidated assets of Ukrainian coal enterprise NPO Mekhanik. The fund did not own shares in the company prior to this acquisition.

Coal Energy plans to boost coal production by 81.25% for this financial year to 2.9 million tonnes in comparison with the last financial year that ended on June 31, 2011.

During the company's initial public offering on the WSE raised PLN 225 million. The funds raised will likely be earmarked for the first stage of the company five year development program the total value of which comes to USD 287 million as well as the purchase of new licenses and mines.

Coal Energy unites ten Ukrainian coal mines and facilities for working stock heaps and enrichment. The company sells coal to thermal energy companies, coking chemicals outfits, cement plants and municipalities. It also exports product to Bulgaria, Slovakia, Moldova and Turkey.

(Sourced from Interfax)

Ukraine's Metinvest sells $750 mln Eurobond

Tue Feb 8, 2011 8:52am GMT
KIEV Feb 8 (Reuters) - Ukrainian steelmaker Metinvest has placed a $750 million seven-year Eurobond with a yield of 9.0 percent, Thomson Reuters service IFR said on Tuesday.
The bond, arranged by Credit Suisse, Deutsche Bank, ING, RBS and VTB Capital, pays a coupon of 8.75 percent and came at a reoffer price of 98.722 percent of face value, equivalent to 598.8 bp over Treasuries, IFR said. (Writing by Olzhas Auyezov; Editing by Richard Balmforth,sourced:Reuters)

Essar Africa inks deal to take control of ZISCO Steel

Monday, 07 Feb 2011
It is reported that Zimbabwe has inked a USD 28 million deal which saw the Mauritian firm, Essar Africa, assume control of the Zimbabwe Iron and Steel Company.
Essar Africa acquired 54% shareholding in the company from the Zimbabwe government.
After the signing ceremony, Industry and Commerce Minister Mr Welshman Ncube said “The work begins now to restore Zisco Steel to the giant that it was before it was bled to the ground by corruption and mismanagement. We believe we have signed the best deal for the company, and the country.”

The deal at one time hit a snag when Dutch bank, ING, demanded that the USD 28 million Essar was due to pay to the government be used to settle a USD 28 million debt the bank was owed by the state run fixed telephone line company, TelOne.
At its peak Ziscosteel used to produce close to a million tonnes of steel a year, but operations have virtually ground to a halt and most of its 4,000 strong workforce retrenched.(sourced:Newzimbabwe.com)