OREANDA-NEWS. May 13, 2008. System Capital Management ceases to be a shareholder of OAO Kremenchug Steel Works, reported the press-centre of SCM.

SCM’s 19,41% shareholding of the steel works is purchased by the financial and industrial group TAS and the companies associated with Privatbank shareholders.

“As a rule SCM acts as strategic investor aiming at the long-term growth of the shareholders value of its assets. However in some instances we act as a financial investor as well”, said Oleg Popov, the CEO for System Capital Management. He also added: “Our investment in Kremenchug Steel Works is an example of financial investment. And today in our opinion is a perfect time for selling a minority shareholding of this company. We view the investment in Kremenchug Steel Works as an example of SCM’s efficient financial investment and we estimate selling our shareholding of this company as a very successful transaction”.