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Almaz Shipbuilder out of MNP Group
MNP Group officially announced Saturday the sale of Almaz Shipbuilding Co. to its general director Leonid Grabovets, who got over 80 percent in Almaz in exchange for his share in MNP. This asset’s disposal means not only withdrawal of a co-owner but may also lead to one-fourth drop in sales turnover of the group.
MNP Group (Offshore Oil and Gas Projects; $341 million in sales turnover posted in 2004) split off from United Heavy Machines in 2004. Almaz joined United Heavy Machinery in 2002 to become a part of the MNP after the split-off. Essentially, Almaz is a military vessel maker. 2004 sales stood at 2.414 billion rubles (around $86 million).
In MNP, they told Kommersant the decision on Almaz disposal was taken six months ago, though the asset was actually sold in late past week.
As a result of the deal, Almaz GD Leonid Grabovets widened his stake in shipbuilder from 0.02 percent to 12.89 percent (15.42 percent common stocks), Investment Partnership got another 67.61 percent. At the same time, the stakes of MNP Group and Almaz-Center-Invest shed to zero, Almaz said in a statement.
MNP spokesmen pointed to Grabovets as a real beneficiary for 83.03 percent in Almaz. Grabovets had contributed his share in MNP in exchange.
Almaz disposal would mean over 25-percent sales reduction for MNP. But in MNP, they don’t seem agitated about it, having decided to completely drop the military business in favor of civil orders.
www.kommersant.com
All the Article in Russian as of Aug. 29, 2005
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