Steppe Cement's share offer oversubscribed

Kazakhstan-based cement producer Steppe Cement has announced that last month's offer for qualifying shareholders of 40m new shares in at 25p per share has been oversubscribed.

Around 83 per cent of existing shareholders participated in the offer which resulted in an oversubscription of 34 per cent. The directors will scale back applications in accordance with the basis of allocation.

The admission and dealing of the new shares will begin on AIM around the beginning of next week.

The Board of Steppe Cement says it is pleased with the level of support for the offer in the context of difficult equity market conditions,