Prime One Capital Limited, the majority shareholder of Ovostar Union, controlled by CEO Boris Belikov and Chairman of the Board of Directors Vitaliy Veresenko, has reduced its stake from 67.93% to 65.93% of the authorized capital.
According to the agricultural holding’s announcement on the stock exchange, the deal to sell 120 thousand shares took place on September 29 at a price of PLN70 per share ($15.87 at the current exchange rate), while the current exchange rate is PLN61.5 per share.
It is specified that Prime One Capital now owns 3 million 956.046 thousand shares.
As reported, the international insurance group Fairfax Financial Holdings (Canada) increased its stake in Ovostar from 17.499% to 27.51% following the transaction on September 13, while the pension fund Generali OFE managed by Generali Powszechne Towarzystwo Emerytlane S. A., which owned 10.93% of the shares.
In this regard, the shares of Ovostar, one of the leading producers of eggs and egg products in Ukraine, were excluded from the list of index participants after the September 26 session: WIG, WIG-CEE, WIG-food and WIG-Ukraine.
“Ovostar no longer meets the criteria of the above indices, as the share of its shares in free-float is less than 10%,” GPW Benchmark said.
As a result, only six issuers remained in the WIG-Ukraine country index, with two accounting for more than 80% of the index basket: “Astarta – 47.083% and IMC – 34.888%, while Ovostar’s share before the exclusion was 19.158%.
The WIG-Ukraine index began to be calculated on May 4, 2011. The base level of 1000 points was taken as December 31, 2010. The WIG-Ukraine is a total return index, so its calculation takes into account both share prices and income from dividends and subscription rights. The index currently stands at 246.6 points.
“In mid-June 2011, Ovostar Union conducted an IPO of 25% of its shares on the WSE at PLN62 per share and raised $33.2 million.
In the first half of 2023, the holding earned $20.63 million in net profit, while it ended the same period in 2022 with a net loss of $19.78 million. Revenue increased by 56.8% to $88.69 million, mainly due to higher prices for its products.
