SUEK to Postpone IPO

By The Moscow Times

May 17, 2011

Siberian Coal Energy Company, or SUEK, is likely to postpone its planned initial public offering in London for a second time, two people with knowledge of the sale said Tuesday.

A decision on the IPO is expected this month, the people said. SUEK planned to sell 10 percent to 15 percent of its shares in the second half, valuing the company at as much as $8 billion, Kommersant reported in March. It planned to sell shares last summer, and said in June that it would shelve the proposal because the market was too weak.

A delay in SUEK's IPO won't affect a March 22 deal between its main owners, billionaire Andrei Melnichenko and Sergei Popov, that gives Melnichenko more than 50 percent of the company and Popov less than 25 percent.

(Bloomberg)

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