OREANDA-NEWS. The General Meeting of shareholders of Avdeevka Coke on October 5  2007 replaced all representatives of System Capital Management (SCM) in the Supervisory Board with representatives from Metinvest Holding, the managing company of Metinvest, Millennium Capital's information division reports. At the same time, Metinvest Holding representatives in the Auditting Committee were replaced with representatives from Metalukr Holding Limited. Mr. Gennadiy Vlasov was reelected the company's CEO.

In the view of Millennium Capital experts, these management changes were quite predictable and are neutral news for AVDK as they correspond to the corporate rights transfers made recently. SCM had transmitted a 60,99% block of the shares of AVDK to USH Ukrainian Steel Holdings Ltd (100% daughter companies of SCM) and Investcom Services Limited (100% daughter of Metinvest B.V.) sold 24,98% of AVDK to Metalukr Holding Limited. AVDK is a part of Metinvest Group. The transfer of the corporate rights of enterprises entering Metinvest Group corresponds to SCM's strategy of creating a modern vertically integrated structure that will incorporate Metinvest Holding, coal and coke divisions, mining, steel and smelting, and about 20 enterprises in the mining and metallurgical complex.