Amtel gains $70 million equity backing

By Liz White, ERJ staff

Tyre maker Amtel Holland Holdings NV added private equity capital totaling $70 million (Euro 58 million) to its funding on 30 June 2005.

Following the Russian tyre maker's acquisition of Dutch tyre producer Vredestein Banden BV, Amtel secured the equity financing from two groups, Alfa Group of Russia and Temasek Holdings, an investment company based in Asia.

These investments demonstrate confidence in the company's business and strategy,” said Alexei Gurin, Amtel-Vredestein's chief executive officer. We expect that Alfa and Temasek's involvement … will further enhance its standards of corporate governance. Amtel -Vredestein management feels encouraged by this sign of investment community confidence,”Gurin added.