OREANDA-NEWS. October 8, 2007. SCM has decided to sell its shareholding of Ukrainian Industrial and Transport Company (UITC). The transaction is planned to be finalized by late October 2007.

This decision goes in line with implementation of the SCM’s investment portfolio restructuring programme. The programme is base on the company’s development strategy and aims at active development of two industrial lines of business (steel and electric power) and simultaneous considerable growth of post industrial businesses in the Group structure.

“Today SCM’s strategy is aimed at growth of the Company’s business and its diversification through increase of the non-industrial businesses in the Group structure from 15% to 30% within the next five years. As a part of this strategy we are planning to invest in development of the two key businesses – mining and metals and electric power – and at the same time in strengthening our position on various services markets”, the General Director of SCM Oleg Popov said. He also added: “UITC holds corporate rights of several industrial assets which operate successfully now and have everything they need to grow in future. But further participation of SCM in development of these companies is inconsistent with our Company’s development strategy”.

SCM makes active steps to build up its presence in the post-industrial sectors which have good prospects for growth: telecommunications, media, financial services, real estate and other sectors.