10 February 2004 09:19
AVTOVAZ PLANS TO ISSUE GDR IN 2004
MOSCOW. Feb 10 (Interfax) - AvtoVAZ, a major Russian car maker, plans a private placement abroad of up to 7% of its
shares in the form of global depository receipts (GDR) in 2004, Mikhail Moskalev, an AvtoVAZ vice president, said
Tuesday at an online conference.
Avtovaz GDR were listed on the Frankfurt Stock Exchange at the end of April 2003. Bader Wertpapierhandels Bank AG
sponsored the listing.
AvtoVAZ GDR are also traded in Berlin. The company launched its ADR program in 1998. Its GDR currently account for
less than 1% of charter capital.
Early figures put net profit to Russian accounting standards in 2003 at about 5 billion rubles, Moskalev said.
Net profit to RAS in 2002 was 700 million rubles.
[Interfax] |
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