The share of Russian company Rusal in PJSC Zaporizhia aluminum plant (ZAlK), which has a stake in the Ukrainian company through Cypriot Velbay Holdings Limited, has been reduced from 97.547% to 29.5363%, while the share of the State Property Fund (SPF) has increased from zero to 68.0095%, according to a company report in the information disclosure system of the National Commission on Securities and the Stock Market.

According to its data, ZAlK received the relevant information on July 8 with reference to the register of July 2.

The stake of Velbay Holdings fell from 607,446,012 shares to 183,931,089 shares, while the shares of the SPF totaled 423,514,923.

SPF Head Ihor Bilous said that the SPF and Rusal agreed to hold a ZAlK shareholders' meeting to elect new members of the supervisory council and management. According to him, the transition period is being also discussed today - "what will happen between today and the shareholders' meeting."

"At present we have quite a constructive and good dialogue," Bilous said.

As reported, in February 2001 Ukraine's State Property Fund and CJSC AvtoVAZ-Invest signed the ZAlK sale and purchase agreement, under which the buyer was to pay the company's debts of over $75 million to Ukreximbank. Russia's SUAL group became the owner of ZAlK in 2004, and it was transferred to the control of Russia's aluminum giant UC Rusal in 2007. In Ukraine, Rusal also owns Mykolaiv alumina works.