Kyivmiskbud may start preparations for IPO in 2011
Kyiv, September 14 (Interfax-Ukraine) – Kyiv-based joint-stock holding company Kyivmiskbud does not rule out an initial public offering (IPO) on a foreign stock exchange in future and it may start its preparations as early as in 2011, Kyivmiskbud President Vasyl Mozhar said at a press conference at Interfax-Ukraine on Tuesday.
"I'm interested in my colleagues' experience. We know T.M.M., which has undergone this procedure. We know the XXI Century. I'm particularly interested in that – low-cost money which could be drawn onto the market of Ukraine, on the market of Kyiv. Yet, this requires a certain procedure. One should switch over to international accounting standards. One should undergo an international audit. In order to go through that audit, everybody should get prepared for that. We're making up such a plan for ourselves. Last year's crisis period did not allow us to make the first step. Perhaps next year we'll come up with this project and will start implementing it," he said.
Mozhar said that the holding would conduct an internal audit first, after which it could consider the possibility of getting rid of non-core assets.
As was reported earlier, Kyivmiskbud on September 2, 2010, announced that Atima Ltd., Investion Ltd. and Akvista Ltd., the new holders of an 80% package of Kyivmiskbud's stocks, had informed the company about plans to get seats in the holding's supervisory boards as portfolio investors and participate in the development of its strategy.
The new owners are initiating a meeting in London to discuss cooperation with the holding's top management, led by Kyivmiskbud President Vasyl Mozhar. In particular, the new stockholders will, jointly with Kyivmiskbud's heads, develop an ambitious investment program in the near-term outlook, which is to allow the holding take the lead on Ukraine's construction market.
The new stockholders also expressed wish to assess Kyivmiskbud's financial operators to prepare an analytical report on the situation on the Ukrainian loan market.
Kyivmiskbud holding company was founded on the basis of the state municipal construction company Kyivmiskbud in 1994 through a merger of 28 daughter companies and other assets.
The holding consists of 40 open joint-stock companies, among which Kyivmiskbud owns from 26% to 30% of the shares, six subsidiaries and 51 associated members.