POWER MACHINES PLANS IPO IN 2004-2005
MOSCOW. Nov 27 (Interfax) - Russian power engineering concern Power Machines plans to make an initial public offering
in the next year or year and a half, the company's general director, Yevgeny Yakovlev, told the press.
The concern is aiming to make an IPO of about $100 million, he said.
Most of the shares that will be floated will come from an additional share issue.
Power Machines still plans to increase its interest in the
Kaluzhsky Turbine Plant to a controlling stake. Currently, Power
The IPO will be made on foreign markets. Power Machines may work with HSBC on this, Yakovlev said.
Power Machines placed 1.2 billion shares (17% of charter capital) through HSBC at the beginning of November. The cost
of the issue reached $44 million.
The concern plans to issue ADR at the beginning of 2004, Yakovlev said, without specifying the volume of the
issue.
Machines, the government and Siemens own blocking stakes.
Power Machines asked Siemens to consider converting its shares into shares in the concern and this proposal is being
discussed.
There are no plans to issue ruble-denominated bonds in the near future.
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