01 June 2004 05:33
Severstal-Avto plans IPO in 2005
He said that before the IPO the company plans to receive a listing
on the RTS and documents for this will be submitted this year. The
MOSCOW. June 1 (Interfax) - OAO Severstal-Avto is planning an IPO on the Russian Trading System in 2005, company
General Director Vadim Shvetsov told Interfax.
"We plan to decide on a bank within a month," Shvetsov said.
"The scale of the IPO will be decided in the future," he said.
Speaking at a conference in Moscow, Shvetsov said that a contract
company is currently selecting an investment bank to organize the IPO on the RTS.
has been signed with the Dutch company Gemco for the reconstruction of the casting unit at AO Zavolzhsky Motor Plant.
He said that in essence, all casting production at the plant, in which Severstal-Avto owns a controlling stake, have
been transferred to Gemco management.
Obligations under the contract involve reducing production costs by more than 30% and reducing flaws during
production by 50% and after production - to below 1%. Shvetsov said that achieving this would help make Zavolzhsky Motor
Plant's casting unit competitive compared with European producers. [RU EUROPE ASIA EEU EMRG ST AUT IPO MRG STX WEU
NL CORA RESF] rd <>
[Interfax] |
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