December 03, 2008

MMK update on 1 year of mega IPO

MMK has announced that it has managed to raise USD 1 billion through IPO to realize its investment projects and that the offering allowed to obtain market valuation of MMK as well as to establish the company as a public company in the international market.

The released added that “The year after IPO became a year of quality growth for MMK. The company saw record production level for its 75 years history. It undertook large scale projects to modernize and build new production facilities, both at MMK and outside the site. MMK made serious moves to secure raw material sufficiency. Corporate governance also underwent serious changes, including increased presence of independent directors at MMK Board. MMK shares were included into calculation base for MICEX and MSCI Russia indices.”

Mr Victor Rashnikov Chairman of MMK commenting on the results of the IPO one year ago said that "MMK IPO is a landmark of a new chapter in the company’s history. MMK holds a strong position in the Russian and international markets, and we intend to further develop our company."