OREANDA-NEWS. September 15, 2009. TSL Finance Limited (Cyprus) was permitted by the Antimonopoly Committee of Ukraine to acquire more than a 50% stake in Dniprovahonmash (DNVM), according to Ukrainian News yesterday. Dniprovahonmash is a freight railcar producer; in 2008 it posted net revenue of UAH 1.4 bln and net income of UAH 165.4 mln.

Concorde Capital: In our view, this transaction confirms rumors that TAS Group is in the process of selling Dniprovahonmash. According to our estimates, TAS Group currently controls 92% of the company. Though buyer is not clear, the use of an offshore structure might indicate that the buyer is a local group. TAS' primary beneficiary Serhiy Tigipko said in July that he planned to sell off a substantial portion of his assets, including Kryukiv Wagon (KVBZ), in connection with his decision to stand for president of Ukraine in the January 2010 elections.

Concorde Capital is a full service investment bank operating on the Ukrainian, Russian and CIS markets. In 2007 Concorde Capital’s analytical team was recognized as the Top Team covering Ukraine by Thomson Extel's Pan European Survey. Senior Analyst Alexander Paraschiy was recognized as the Leading Pan-European Investment Analyst – European Emerging Markets. Concorde Capital is a leader when it comes to private placements and M&A deals. Concorde Capital’s sale of a stake in Electron Bank to Volksbank International AG was named the Best Ukrainian M&A deal of the year 2007 by the Adam Smith Institute.