KIEV, July 13 - Chernihiv Khimvolokno, a major chemical fiber producer, plans to spend 300 million hryvnias, or about $60 million, on modernization during the next five years, Mykhalevych, the company??™s CEO, said.

"We are planning to get a second level listing on the PFTS [Ukraine??™s top stock trading system] very soon and, after thorough preparations, hold an IPO in three to four years and raise additional investment for further business development," he said.