So far, the production plans of AvtoVAZ and Renault are only the general matter (the photo shows AvtoVAZ President Boris Aleshin, left, Renault President Carlos Ghosh, center, and Rosoboronexport GD Sergei Chemezov, right).
Photo: Dmitry Dukhanin
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AvtoVAZ Slowed Dn En Route to Stock Exchange
Russia’s automobile giant AvtoVAZ may put off placing the stocks on the exchange till 2009. The works hasn’t approved the business plan with its holder and partner, French Renault. According to analysts, launching the stocks with the business program approved and the works owning new assembly facilities will be much more advantageous for AvtoVAZ.
AvtoVAZ puts off placing the stocks on the exchange till 2009, Rostekhnologii General Director and AvtoVAZ CEO Sergei Chemezov announced yesterday. “We will have no time to do it in the fall, more likely than not, it will be the next year, I hope its first half,” Chemezov specified without giving the reasons for such postponement.
Holder of a blocking stake in AvtoVAZ, Troika Dialog was going to place stocks of automobile giant on Russia’s stock exchange in the fall. Besides, the plans were to issue new stocks to generate money for development. Troika Dialog doesn’t comment on Chemezov’s statement for the record.
But a source with AvtoVAZ holders said on condition of anonymity that Troika Dialog won’t oppose the delay, as AvtoVAZ will approve the business program with Renault only in November or December. In the absence of this program, the strategy is unclear and “offering to investors stocks of the works with unclear future makes no sense,” the source pointed out.
www.kommersant.com
All the Article in Russian as of May 29, 2008
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