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Kazan Helicopter Works to Merge Into Oboronprom
Tatarstan’s government agreed to contribute the 29.92 percent in Kazan Helicopter Works to the stock capital of Oboronprom, viewed as the basis for setting up a holding of Mi-helicopters. Prime Minister of Tatarstan Rustam Minnikhanov sealed the respective ruling last week.
Kazan Helicopter Works is one of the largest makers of Mi-brand medium helicopters with loading capacity of up to 17 tons. It is scored number ten in the rating of 20 defense giants of Russia. 2004 sales reached $192.7 million; net profit was $6.6 million; export accounts for up to 82 percent of the output. Kazan Helicopter Works is controlled by the company’s management through Trading & Financial Company (TFC), a 100 percent subsidiary of the works. Tatarstan owns 29.92 percent. Other holders are Yunistroy (7.35 percent), Leasing-Invest (5.66 percent) and AKB Zarechie (5.05 percent).
Tatarstan’s Prime Minister Rustam Minnikhanov sealed last week the ruling to contribute 29.92 percent in Kazan Works to the stock capital of Russia’s Oboronprom corporation, which, according to Rosoboronexport, will manage the assets of the currently established helicopter holding.
The holding will be actually created on August 16, in time of the extraordinary general meeting of Oboronprom. The EGM will decide on the new stock issue to be bought out by Russian Rosimushchestvo and Tatarsan’s government. For this purpose, the federal authorities will contribute the 31 percent in the Moscow Milya Helicopter Works, the 60 percent in Stupino Engineering Production Enterprise, the 49.18 percent in Ulan-Ude Aircraft Works and the 38 percent in Moscow Vpered Engineering Works. Tataria is expected to provide its 29.92 percent in Kazan Helicopter Works.
The stake of Tatarstan in the new enterprise is the key point of concern today. A source with Tatarstan’s Cabinet told Kommersant Tatarstan counts on getting no less than a blocking stake in Oboronprom and at least three seats on the BOD of the corporation. According to the source, the market capitalization of Kazan Helicopter Works exceeds $300 million, matching the value of assets provided by other members of the holding. By the way, prime minister of Tatarstan has been elected to Oboronprom board of directors, having taken one from the nine seats on it.
kommersant.com
All the Article in Russian as of July 18, 2005
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