Recent Posts
- Ukraine recovery should be based on development of territorial communities, innovations, involvement of professional domestic community – results of ESUR forum 29.06.2023
- Ukraine repatriates five more seriously wounded Russian POWs 10.04.2023
- Rada intends to include history of Ukraine, foreign language in final certification for general secondary education 10.04.2023
- Rada terminates protocol on joint anti-terrorist measures in CIS territories for Ukraine 10.04.2023
- 100 Ukrainians, incl defenders of Mariupol, returned according to swap procedure – Yermak 10.04.2023
Ferrexpo shares fall in price by 5.7% after news of losing action in court regarding 40.19% of PGOK shares
KYIV. Sept 20 (Interfax-Ukraine) – The share price of mining company Ferrexpo plc, three hours after the start of trading on Tuesday, fell by 5.67% after the news that the company lost in in a lawsuit with the former shareholders to invalidate the 2002 sale and purchase agreement for 40.19% of its largest Ukrainian asset – Poltava Mining and Processing Plant (PGOK).
According to the website of the London Stock Exchange (LSE), at 10:00 London time they were quoted at 143 pence per share, compared to 155.82 pence at close on Friday and 152 pence at opening on Tuesday.
"A bunch of foreign investors bought shares in the Ukrainian company, and now they are surprised to learn that Ukrainian courts have decided to win back a 20-year-old agreement, and now these foreign investors only own nothing. Not because of Putin. Not because of the war. But because of the decision of the Ukrainian court, which invented a time machine and went into the past," Serhiy Fursa, a representative of Dragon Capital investment company, commented on this court decision on Facebook.
He recalled that the day before, President of Ukraine Volodymyr Zelensky spoke with the head of the world’s largest investment company BlackRock, Larry Fink, about attracting private investment to Ukraine, but such court decisions would scare away international investors from the country.
"At the moment, any foreign investor will look at any Ukrainian company whose shares he bought or thought to buy as a time bomb. And hundreds of funds that own Ferrexpo shares will think that investing in Ukraine is always a bad idea," Fursa believes.
