Sale of Kyivmiskbud stocks won't affect its performance

Kyiv, September 14 (Interfax-Ukraine) – Kyiv-based joint-stock holding company Kyivmiskbud intends to meet its commitments to investors in full, and will continue operating on the market with any stockholder in management, says Kyivmiskbud President Vasyl Mozhar.

"Any side in the dispute wants the company to operate and its performance to be good… There are commitments under contracts with the population, with 6,000 private investors who are waiting for their apartments. And I cannot tell them: please wait until we sort out the situation with the stocks. It will never happen," he said at a press conference at Interfax-Ukraine on Tuesday.

Mozhar said he had no information about where the new stockholders were registered and had not received an invitation to meet them until then.

However, he said, the deal to acquire the 80% of stocks took place last year, but that did not affect Kyivmiskbud's performance in 2009.

"The sale of the stockholding happened last year," he said. "As you could see, the deal has not affected the company's performance and has no effect," he said.

Chief financial analyst from the Kyiv-based Expert-Rating agency Vitaliy Shapran said that Kyivmiskbud has sufficient liquidity strength and won't require financial assistance from any stockholder in the near-term outlook.

"The company has enough working capital, posts a sufficient level of liquidity, and therefore, I believe, it won't need to ask for stockholders' support in the near future," he said.

As reported, Kyiv City Administration's main municipal ownership department on July 29, 2009, struck an agreement with Kyiv-based Novy Region Ltd. financial company on the sale of 80% of stocks in Kyivmiskbud.

Dmytro Tevelev, the head of the Commission for Securities and the Stock Market, on September 2, 2010, said that the municipally owned stake in Kyivmiskbud had been sold at an auction on the Ukrainian Universal Mercantile Exchange to Novy Region Ltd. for UAH 114,075,599.