2009-2010

In 2009 the Company was actively seeking for financing to develop the coal extraction activity. For the first time the possibility of equity financing was actively considered – a number of financial and legal advisors was engaged to consider private offering of shares of the new issue with listing on the Frankfurt Stock Exchange. The company conducted audit according to the international accounting standards (IFRS) for the year 2008.

In 2010 the Company decided to conduct initial public offering of newly issued shares on the Warsaw Stock Exchange. In 3Q 2010 the holding company Sadovaya Group S.A. was established in the Grand Duchy of Luxembourg. In December 2010 Sadovaya Group S.A . sold 25% of its shares and conducted a listing on the Warsaw Stock Exchange. Sadovaya Group became the first coal mining company with assets in Ukraine listed on the international stock exchange. The IPO of Sadovaya Group opened the coal industry of Ukraine for international investors.