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Smart Holding Buys 10% Stake in Sumy Frunze, Kommersant Reports

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Dec. 19 (Bloomberg) -- LLC Smart Holding, owned by Ukrainian businessman Vadim Novinsky, bought a 10 percent stake in Sumy NVO Frunze OJSC, Kommersant-Ukraine newspaper reported, citing an unidentified official at Frunze.

Smart has the right to further increase its stake in the Ukrainian machinery producer for oil and gas industries to 40 percent, according to Kommersant.

To contact the reporter on this story: Kateryna Choursina in Kiev at kchoursina@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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