07 June 2004 10:46
RUSPROMAVTO TO INCREASE STAKE IN GAZ
NIZHNY NOVGOROD. June 7 (Interfax) - Ruspromavto holding company and other shareholders in the Gorky Automotive Works
(GAZ) plan to buy an additional share issue by GAZ worth 1.4 million rubles, General Director of Ruspromavto Alexander
Yushkevich told the press.
Ruspromavto wants to increase its stake in the plant's charter capital, he said. It currently owns about 60% of
the plant.
GAZ reported on June 4 that Ruspromavto increased its stake to 68.72% of common shares from 19.23%.
The GAZ board voted in April 2004 to increase the plant's charter capital 19.87% to 8.503 million rubles through
an additional share issue.
The company plans to place 1.41 million shares with par value of 1 ruble through public subscription.
The board decided that it will set the share price after government registration and based on RTS deals in the past
six months before the date of government registration.
GAZ plans to spend the money from issue on developing output and implementing investment projects.
GAZ has a charter capital of 7.09 million rubles divided into 5.64 common and 1.45 preferred shares with a par value
of 1 ruble.
[Interfax] |
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