(Sharecast News) - Iron ore company Ferrexpo has seen a district court in Kyiv place a restriction covering more than half of the Swiss firm's shares in Ferrexpo Poltava Mining.
The Kyiv Court of Appeal dismissed Ferrexpo AG's appeal against the court order covering 50.3% of its stake in the Ukrainian subsidiary on Monday.
While the restriction does not affect ownership of the shares in Ferrexpo Poltava, it does prohibit their transfer. However, Ferrexpo said its Swiss parent had no intention to transfer its shareholding in FPM and stated that operations remained unaffected despite the ruling and continued as normal.
Ferrexpo added that it was considering its options regarding further legal action against the restriction.
In terms of recent trading, Ferrexpo said third-quarter operations were only minimally impacted by the Covid-19 pandemic, with pellet production down 12% to 2.5m tonnes in the period.
Pellet production for the nine months ended 30 September was up 3% year-on-year at 8.1m tonnes.
As of 0905 BST, Ferrexpo shares were down 5.27% at 164.83p.
Ferrexpo (FXPO)5 Jun 2024 20:17
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