OREANDA-NEWS. February 19, 2010. Donetskgormash EGM was conducted. The shareholders considered changes in the composing of the Supervisory Board of the Company and pledging Donetskgormash property complex as security of the loan. The changes in Supervisory Board are due to changes in the Company ownership structure. Namely, Gorlovsky Maсhinebuilder, Donetsky Energoplant and Azovimpex were replaced by Ukrainian Machine Building Holding LTD (Cyprus). The shareholders approved to pledge the assets of the Company worth UAH 161mn in total as security of the one-year Prominvestbank credit line to the tune of UAH 50mn.

Millennium Capital sees this news as positive for the Company. Millennium Capital would like to point out the absence of companies affiliated with the Industrial Union of Donbas (namely, Azovimpex) from the Company shareholder register. Millennium Capital believes that the recent conflict between the two major shareholders will not constrain the Company’s development any longer. As regards the other two companies (Gorlovsky Maсhinebuilder and Donetsky Energoplant), Millennium Capital notes that System Capital Management continues its structure organization process program.