02 December 2003 09:30
IRKUT SHAREHOLDERS VOTE FOR 11%-SHARE ISSUE
IRKUTSK. Dec 2 (Interfax) - Shareholders of the Irkut Scientific Production Corporation, which produces Sukhoi
warplanes, voted for an issue of 87.895 million shares, par value 3 rubles each, to raise charter capital 11.1% from
2.373 billion rubles to 2.637 billion rubles in preparation for an IPO.
The board of directors will approve the share prospectus and plans to register the issue with the Federal Securities
Commission by the end of the year, Sergei Tsivilev, the corporation's vice president, said.
Irkut is seeking a listing on the London Stock Exchange late 2004
or early 2005. It will name a European bank, winner of a tender to act
Irkut is planning a 20%-IPO. Half of the shares will be new shares and half will belong to existing holders. The
proceeds will fund the acquisition of the A.S. Yakovlev Design Bureau and the development and production of new military
and civilian aircraft.
The MDM Bank won a tender for the right to place the shares, which will be listed on the Russian Trading System (RTS)
and Moscow Interbank Currency Exchange (MICEX).
as placement agent, by December 10.
Tsivilev also said Irkut intended to seek syndicated loans. We are not planning to issue bonds or promissory notes -
they are too costly, he said.
Irkut Scientific Production Corporation (NPK Irkut) is a vertically- integrated holding company, based in Irkutsk.
Its shareholders are ZAO Kompaniya FTK (19.97%), the Forpost commercial bank (19.86%), the state- owned Sukhoi Aviation
Production Complex (14.7%), ZAO Aerokom (10.18%) and ZAO Brunswick UBS Warburg Nominees (nominal holder, 25.76%).
Irkut represents leading Russian aircraft designers and manufacturers Irkutsk Aircraft Manufacturing Association
(IAPO), Beriyev Design Bureau of Taganrog, BetaIr, Russkaya Avionika and ITELA. It should absorb the Yakovlev bureau by
the end of 2004.
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