Evraz opens tender offers to buy out VGOK and NMTP

The Russian iron ore and steel producer Evraz Group has announced that its affiliated company Sibmetinvest has opened a cash tender offer with a view to buying out the remaining stakes in Visokogorskiy GOK (VGOK) and in the Nakhodka seaport (NMTP). Sibmetinvest, which owns 95 percent of shares in VGOK, has made an offer to purchase the remaining five percent of the company for Ruble 5.83 per ordinary share or a total of Ruble 227.4 million ($8.7 million). Also, with its 94.4 percent stake in NMTP, Sibmetinvest has also offered to buy the remaining 5.6 percent stake in the seaport for a total of Ruble 82.8 million ($3.2 million). In addition, Evraz has announced that its wholly-owned subsidiary, Mastercroft Limited, has submitted a voluntary tender offer statement to the Russian Service on Financial Markets (FSFM) with the aim of purchasing all outstanding shares in Evraz's subsidiary, NTMK. Following the receipt of approval from FSFM within 15 days, Mastercroft Limited is to make an offer to purchase the remaining five percent stake in NTMK. Currently, the company holds a 95 percent stake in NTMK. The tender will be valid for 70 days once commenced.