21 May 2004 22:44
OMZ to sell subsidiary OMZ-MNP
MOSCOW. May 21 (Interfax) - United Heavy Machinery (OMZ) has decided to sell its subsidiary company OMZ-Offshore
Oil/Gas Projects.
OMZ-MNP has been valued independently at 1.45 billion rubles, an estimate endorsed by the OMZ board of directors.
OMZ-MNP carries bank credits of around $70 million, and "OMZ's consolidated debt decreases by that
amount," a company press release reports.
A management buyout will be used in the subsidiary's sale, in line with rules the board has confirmed for
selling off non-core assets. So, the OMZ-MNP buyers will be a pool of over forty OMZ managers, among them Moscow and
regional chiefs.
OMZ is pursuing "strategic focus" on the production of energy equipment and selling off non-core assets not
directly related to this line of business, the release says.
OMZ-MNP is involved in ship-building, engineering and oil and gas production projects, drilling platforms and
drilling tools. [RU EUROPE EEU ASIA EMRG MAC ENQ ENR CORA MRG STX] cf
[Interfax] |
RUSSIA IN FACTS
