Ovostar's owners sell almost 62% of Lagoda confectionary

Owners of Ovostar Union, one of the largest egg producers in Ukraine, have sold a 61.96% stake in private joint-stock company Lagoda confectionary (Kyiv region).

According to an offering memorandum of Ovostar's IPO, a copy of which has been forwarded to Interfax-Ukraine, the shares were sold to third persons.

The value of the deal is not disclosed.

According to the document, earlier Ovostar supplied its products to the confectionary.

According to the State Commission for Securities and the Stock Market, as of February 2011, a 61.9% stake in Lagoda belonged to Komrpomis-Invest Ltd., which was part of Ovostar Union. According to the memorandum, a 100% stake in Komrpomis-Invest Ltd. was also sold by the group's owners.

According to a posting on the official Web site of Lagoda, it has been producing confectionery since 1998. Its share of the waffle and biscuit market in Ukraine was 6.5%.

In January-September 2010 the net income of Lagoda confectionary came to UAH 156 million, which is almost the same as in 2009. Its net profit over the first nine months of 2010 came to UAH 1.4 million against UAH 0.52million seen in January-September 2009.

The company has not published its financial results for 2010.

Ovostar Union N.V. (the Netherlands), the holding company of one of the largest producers of eggs and egg products in Ukraine, in the middle of June 2011 conducted an IPO for 25% of its shares on the Warsaw Stock Exchange (WSE) and raised $33.2 million.