MOSCOW, June 8 Russian coal miner SUEK has put
on hold plans for an initial public share offer while its core
owners have completed a change in their respective holdings, one
of the main shareholders, Andrei Melnichenko, said on Wednesday.
Melnichenko said that in the middle of the year he would
complete the purchase of part of a stake held by his business
partner Sergei Popov. Melnichenko would then control the
company, and Popov would retain less than 25 percent.
The company will return to its IPO plan once that deal is
complete, Melnichenko said.
"Not in the nearest future," he added.
SUEK was technically ready to float its shares as early as a
year ago. Industry sources said it could raise up to $1.5
billion and the coal unit was tentatively valued at $7-$8
billion, Kommersant newspaper said last year.
(Reporting by Polina Devitt; Writing by Melissa Akin; Editing
by Greg Mahlich)