Founder of Amtel-Vredestein Sudhir Gupta, on the photo, sold 17.9 percent to narrow the ownership to 11.4 percent.
Photo: Dmitry Lebedev
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Amtel-Vredestein Founder Sells Stocks at Large
Founder of Amtel-Vredestein Sudhir Gupta sold 17.9 percent to narrow the ownership to 11.4 percent. The analysts expect Mr Gupta to dispose of the remainder as well, signaling the free-float of Amtel-Vredestein could reach 59 percent. Should it happen, the standing of top management of the holding, including its General Director Pyotr Zolotarev, will strengthen significantly.
Founder of the tyre holding, Sudhir Gupta, disposed of 17.9 percent of its stocks, Amtel-Vredestein reported late Friday. The stocks were sold on LSE from July 18 to August 22 at $5.21 to $5.68 each, i.e. Mr Gupta has generated $63 million to $69 million as a result and retained 11.4 percent in Amtel-Vredestein.
The stocks went to some capital funds of the West, but none of them has become a big holder, said a source close to Amtel-Vredestein. The placement was arranged by Uralsib Bank.
Mr Gupta may sell more stocks, sources with Amtel-Vredestein specified.
Amtel-Vredestein owns tyre plants in Russia’s Moscow, Voronezh, Kirov and a plant in Enschede, Holland, as well as a chain of stores selling the tyres and sets of automobile components – AV-TO. Thirteen million tyres were sold in 2006; IAS revenues reached $823; EBIDTA was $110 million; net loss -- $5 million.
“Mr Gupta will sell all stocks of the holding and withdraw from its Board of Directors,” said a source close to Amtel-Vredestein. But should it happen, the free-float will reach 59 percent, i.e. the influence of top management of Amtel-Vredestein headed by General Director Pyotr Zolotarev will increase significantly. Regardless, Mr Zolotarev will hardly make any decision that would be contrary to Alfa Bank. Exactly the latter attracted him to the office of general director of Amtel-Vredestein.
www.kommersant.com
All the Article in Russian as of Aug. 27, 2007
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