From left to right: Russian Economic Development and Trade Minister German Gref, Russian Prime Minister Mikhail Fradkov
Photo: ÈÒÀÐ-ÒÀÑÑ
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KamAZ to Drive to Privatization
The supplement to the list of federal assets picked out by government for this year’s privatization was promulgated yesterday. Despite the previous comments of Economic Development and Trade Ministry the list sets forth some big assets, including 100 percent in SG-Trans and 34 percent in KamAZ. Adding KamAz to the privatization list might mean the government will abandon truck maker’s IPO of 2008.
In KamAZ, they refused yesterday to comment on abrupt addition of 34-percent state-run stake to this year’s privatization list. The sources say the news sprang a surprise on the company’s management. The thing is that this action of government contradicts the statement that Economic Development Minister German Gref delivered just a fortnight ago.
Then, the minister assured that the state-run stake in KamAZ would be made private in the third quarter of 2008. What’s more, Gref even specified the method of privatization – initial public offer of KamAZ stocks. To get ready for IPO, KamAZ was expected to release new stocks that would water the government’s stake to the blocking one. The analysts estimated the worth of IPO at $500 million to $600 million.
“IPO and privatization are the things not tied together,” Deputy Economic Development Minister Kirill Androsov said yesterday. “KamAZ could be arranging both privatization and IPO and hold IPO either before or after privatization,” Androsov explained refusing to deliberate on the plans of the ministry.
It appears the placement of KamAZ stocks will probably bypass the state-run stake, which, in its turn, could be sold even ahead of IPO. The size of the stake to be made private is also unclear.
KamAZ set to preparing the IPO far back in 2006. Past fall, for instance, the truck maker sealed a contract with PricewaterhouseCoopers to audit the company’s business of 2004, 2005 and 2006 under international accounting standards. KamAZ General Director Sergey Kogogin last talked with German Gref about the IPO in mid-April, said a source in KamAZ on condition of anonymity.
www.kommersant.com
All the Article in Russian as of May 08, 2007
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