Dragon Capital Places Minority Stake in Oranta for $39.7 million
Kyiv, January 17, 2007 — Investment bank Dragon Capital has successfully placed a minority stake of 11.35% in nationwide insurer NASC Oranta among a group of institutional and private investors for $39.7m. The placement puts the market capitalization of the company at approximately $350m.
Dragon Capital acted as organizer and sole placement agent for the transaction.
About 20 institutional and private investors from Ukraine, the United States and Europe took part in purchasing the Oranta shares.
The placement marks the second deal in Ukraine’s insurance sector in 2007. Earlier this year, the Universalna insurance company placed a 19% stake among portfolio investors for $16m, implying a market capitalization of $83m.
“The successful placement of shares in Oranta, which is a leader in the classic insurance market in Ukraine, demonstrates the high interest foreign investors have towards the Ukrainian insurance market,” said Dragon Capital Director Dmytro Tarabakin. “Companies in this sector have enormous potential to attract foreign investment capital given the lack of penetration in the sector and their huge potential for growth.”
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