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. Last Updated: 07/27/2016

Inprom Opting for Moscow Float

The country's second-largest metals trader, Inprom, will hold an IPO in June in Moscow, Kommersant reported the company's general director and co-owner, Igor Konovalov, as saying Monday.

Inprom aims to raise $60 million on the MICEX exchange and will offer 25 percent in new shares and 5 percent to 7 percent of the stock held by Konovalov, Kommersant said.

Shareholders opted for a Moscow IPO after rejecting the possible sale of a 29 percent blocking stake to a strategic investor, in which 11 companies had been interested, Prime-Tass reported in January.

Inprom, which was established in 1996, is engaged in small wholesale and retail sales of rolled steel, pipes and construction materials.

British Virgin Islands-registered Cassar World Investments Corporation, which is owned by Inprom's management, holds 57.9 percent of Inprom. Industrial Eastern European Company, which is wholly owned by Cassar, holds 41.8 percent of the firm's shares.