Mintha Holding offloads 3.0% shareholding in Magnitogorsk Iron & Steel Works
MOSCOW: Magnitogorsk Iron & Steel Works (MMK) announced that Mintha Holding Limited, whose ultimate beneficiary is Mr. V. Rashnikov, has sold 335.229 million ordinary shares in the Company.
These shares represent 3% of the issued ordinary share capital of Magnitogorsk Iron & Steel Works. The shares were sold to Goldman Sachs International for resale to investors.
The ownership interest of Mintha in the Company’s issued ordinary share capital prior to the Sale and after giving effect to the Sale is 84.26% and 81.26%, respectively, of the issued share capital of the Company.
Prior to the Resale, the free float of the Company is 15.74%. After completion of the Resale, assuming all Resale Shares are sold, the free float of the Company will be 18.74%.
The remaining ordinary shares in the capital of the Company held by Mintha will be subject to a lock-up for the period ending 60 days after 26th April 2021, save for customary exceptions and waiver by Goldman Sachs International.
Goldman Sachs International is acting as sole bookrunner on the Resale. The Company will not receive any proceeds from the Sale and/or the Resale. The Resale Shares, in all respects, rank pari passu with the Company’s ordinary shares.
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