Russian miner SUEK not planning IPO for a year-IFX

MOSCOW Mon Aug 2, 2010 3:12pm BST

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MOSCOW Aug 2 (Reuters) - Russia's largest steam coal producer SUEK is not planning an IPO for at least a year, joining a throng of companies who have scrapped or postponed listing plans in the face of market turbulence.

"We're not planning (an IPO) right now," SUEK's CEO Vladimir Rashevsky told Interfax news agency, adding that there would be no share offering for at least a year.

SUEK announced in June it had obtained regulatory approval to list up to 25 percent of its shares abroad. [ID:nLDE6592EU]

Citigroup (C.N), Credit Suisse (CSGN.VX), VTB (VTBR.MM), Renaissance Capital and Bank of America Merrill Lynch (BAC.N) had been picked to arrange the offering. [ID:nLDE60K2A4].

The company said it could also place up to $500 million in Eurobonds before the IPO [ID:nLDE60H1GZ] but last month bankers said SUEK was seeking a $700 million loan. [ID:nLDE66F0QX]

SUEK is a major shareholder in a number of Siberian and Far Eastern power companies with total generating capacity of 13 gigawatts.

-- For an ANALYSIS on Russian IPOs, see [ID:nLDE66S1DZ]

(Writing by Nastassia Astrasheuskaya; editing by David Cowell)

(nastassia.astrasheuskaya@thomsonreuters.com; +7 495 775 12 42)

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