By Liz White, ERJ staff
Moscow-Leading Russian tyre maker Amtel agreed 23 Sept to sell 10 percent of its stock in a private placement, being underwritten by Troika Dialog Group.
Investor presentations by Troika and Amtel in Moscow and London, during the week beginning 27 Sept, will give institutional investors the opportunity to buy shares.
â€œThis offering represents another major step in the company's strategy to raise its profile with the international investor community and ultimately to become a publicly traded company,â€ added Sudhir Gupta, president of Amtel, in a joint statement on the impending stock sale.
Ruben Vardanian, president of the Troika Dialog Group, will join Amtel's supervisory board upon completion of the placement. â€œWe are pleased to be a partner in Amtel's plans to expand its presence in the capital markets and broaden its investor base. This is a dynamic company with an exciting future,' Vardanian commented.
Amtel claims to have a 28 percent share of Russian tyre production, and an even larger share-35 percent-in the most profitable segment of car and light-truck tyres. The group includes three tyre factories in Russia: the Amtel-Povolzhye Tire Complex (Kirov), the Amtel-Chernozemye Tire Complex (Voronezh) and the Amtel-Sibir Tire Complex (Krasnoyarsk), as well as one tyre factory in Ukraine (Belaya Tserkov). It also owns as the Volgograd Technical Carbon Plant and the Amtel-Kuzbass (Kemerevo) plant making technical fibres.
Troika Dialog, set up in 1991, is a leading financial services house offering brokerage, investment banking and asset management, said the Amtel/Troika statement. The Moscow-headquartered company has offices across the Russian region, and in New York and London.