The company “squeezed out” minority shareholders
According to Interfax Ukraine, Swiss Ferrexpo AG applied “squeeze out” procedure for minority shareholders of Poltava Mining and increased its stock to 100%.
The company exercised its right of the majority shareholder to demand mandatory sale of shares of other shareholders in accordance with Article 65-2 of the Law of Ukraine “On Joint Stock Companies.”
Before that, Ferrexpo had held a 99.11% stock in Poltava Mining.
According to Ukraine’s Central Securities Depository, shares in Poltava Mining were sold to Ferrexpo on 20 June 2019.
Ferrexpo is a Swiss-based mining company with iron ore assets in Ukraine. It specializes in production and export of high-quality iron ore pellets used in steelmaking.
The main consumers of its products are steel-producing companies of Austria, Slovakia, Czech Republic, Germany and other European countries, as well as Japan, Taiwan, South Korea and China.
As reported earlier, Ferrexpo will pay record big dividends.