Ukrainian mining and steel producing group Metinvest has announced that its subsidiary MetalUkr Holding Limited (Cyprus), which is wholly owned by Metinvest, has transferred 78.31 percent of Northern GOK, 99.48 percent of Central GOK, 0.25 percent of Azovstal and 1.21 percent of Khartsyzk Pipe Plant to Metinvest as part of the ongoing restructuring of Metinvest's business.
As a result, Metinvest now controls 78.31 percent of Northern GOK, 99.56 percent of Central GOK, 74.5 percent of Azovstal and 93.0 percent of Khartsyzk Pipe Plant. The transaction did not involve any cash and has not affected the group's consolidated cash flow.
The shares were transferred to help the group reach its intended structure and improve its business transparency and management efficiency.