OREANDA-NEWS. June 25, 2010. Ukrproduct (UKR LN) shareholders approved a 20% authorized capital increase to GBP 6 mln at an AGM yesterday. The authorized capital increase is to be made to assist company directors, if they choose, more flexibility in allotting, granting options or warrants over, offer or otherwise deal in company shares for purposes of raising capital and/or as payment for acquisitions by the company. Ruslan Patlavskyy: The 20% increase in the company’s authorized capital should have a neutral effect on the stock in the short-term, as the group’s management admitted no present intention to issue new shares any time soon. At the same time, we do not rule out that this might testify to the company’s intent to attract a strategic investor, whom the newly issued shares could be sold to in the mid-term (for more details, please see our June 4, 2010 news comment).

Concorde Capital: both the UX and PFTS continued to slip in yesterday’s session, with the former dropping 0.99% to 2,065.25 and the latter off 1.18% to 830.91. Total equity turnover on the UX hit UAH 72.0 mln and UAH 18.3 mln on the PFTS. Trading in basic materials stocks continued to dominate, with the top three names by volume Enakievo Steel (ENMZ UK), down 3.24%; Azovstal (AZST UK), down 3.14%; and Avdiyivka Coke (AVDK UK), down 1.81%. On the interbank forex market, the hryvnya strengthened another hair to UAH/USD 7.9085.