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Newsroom / Press Releases Dragon Capital takes Ukrnafta on U.S. Road Show July 09, 2002 KYIV, July 9, 2002 – Ukraine’s near monopoly oil producer Ukrnafta will go on a road show in the United States on July 14-18, the largest such presentation of a publicly traded Ukrainian company to Western investors since the 1998 crisis in the region. Dragon Capital, a top Ukrainian investment bank, and the company’s U.S. partner, the New York-based brokerage Auerbach Grayson & Company Inc., have organized a series of meetings with portfolio investors for Ukrnafta that will be held in New York, Boston, and Connecticut. By the number of clients and size of assets under their management, this will also be the most significant visit to promote investment opportunities in Ukraine since the Russian crisis. “It is very important, and logical, that Ukrnafta, as opposed to any other Ukrainian company, will be presented to U.S. investors,” said Oleg Salmin, the honorary chairman of Ukrnafta and parliament deputy, who will participate in the road show. “Being one of Ukraine’s most strategically important companies and the country’s largest and most liquid blue chip, Ukrnafta has long been the benchmark indicator for investors of the true state of Ukraine’s economy and capital markets,” he said. Accompanying Salmin in the U.S. trip will be Ukrnafta’s CFO, Volodymyr Zinevych. By promoting Ukrnafta, whose stock has risen by nearly 50% since the start of the year, Dragon Capital hopes to give another boost to Ukraine’s stock market at a time of its already rapid growth. Ukrainian shares have appreciated in value by over 60% since the start of the year, reflecting the country’s strong macroeconomic performance and improved expectations for political stability after parliamentary elections in March. “It is unfortunate that Ukrnafta is the only liquid stock on the market that meets the requirements for mid-size portfolio investments in Ukraine,” said Dmitro Tarabakin, director of Dragon Capital. “Nevertheless, we hope that further promotion of our flagship company to foreign investors will broaden their interests and open opportunities for other companies here. Ukrnafta and its management can serve as a good example to follow for those who are willing to finance their expansion in the years to come,” he added. The Ukrnafta road show will become another important step toward restoring Ukraine’s presence on the international investment map following Dragon Capital’s recent cooperation agreement with Auerbach Grayson, a pioneer in opening up emerging markets to U.S. institutional investors. Having joined Auerbach Grayson’s network of 80 broker partners worldwide in March, Dragon Capital is currently the only investment company in Ukraine that can boast access to a wide base of U.S. institutional clients. Incidentally, Ukrnafta became the first Ukrainian company to enter U.S. capital markets after issuing Level 1 ADRs in 1999. Its successful track record in this area sets the stage for wider use of ADR programs during privatization of other successful Ukrainian companies. In addition, Ukrnafta is set to become the primary growth vehicle for Ukraine’s first-ever private pension funds which will emerge as a result of the upcoming reform of Ukraine’s state pension system. Ukrnafta’s, with 2001 net sales of USD 504 mil. and net income of USD 182 mil., is the largest oil and second largest gas extraction company in Ukraine. Last year Ukrnafta accounted for 93% of total oil production in Ukraine, 40% of gas output, and 18% of natural gas. Although all of Ukrnafta’s output is currently sold domestically, the company is actively seeking exploration contracts in Russia, Turkmenistan, and the Middle East. Ukrnafta’s management hopes the U.S. trip, apart from increasing the company’s market capitalization, will make it easier for Ukrnafta to raise financing in international capital markets for its ambitious expansion plans. Ukrnafta’s current reserves are sufficient for almost 50 years of production. Dragon Capital, an independent investment bank, was founded in Kyiv in 2000, its mission to help Western institutional investors succeed on Ukraine's capital markets. Since then the company has grown into the leading equity broker and one of the major companies in the field of corporate finance in Ukraine. Recently, Dragon Capital was recognized by the Euromoney magazine as the winner in the Best Equity House in Ukraine 2002 Award. |
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