Victor Rashnikov has reduced the share in MMK to 84.3%

MOSCOW, September 6. /TASS/. The structure of the principal owner of the Magnitogorsk metallurgical combine (MMK) Viktor Rashnikov – Mintha Holding Limited – sold 335,23 million ordinary shares of CMI, which is 3% of the capital of the company. Thus, the share of Rashnikov’s MMK was reduced to 84.3%, according to a statement posted today on the London stock exchange.

Following the transaction, the company’s free float amounted to 15.7%, according to the materials of the exchange.

The offering price is not specified.

MMK shares are traded on the Moscow stock exchange, London stock exchange traded global Depositary receipts (GDRs). By the close of trading in Moscow on 5 September, one share was worth 38 rubles, thus Rashnikov may sell its stake for about $220 million.

MMK is among the world’s largest steel producers and holds a leading position among the enterprises of ferrous metallurgy of Russia. The company’s net profit under IFRS in the I quarter of 2017 increased by 53.5% to $241 million.