ROSOBORONEXPORT CLOSES DEAL TO BUY 66% IN VSMPO-AVISMA
(Interfax News Agency Via Thomson Dialog NewsEdge) VERKHNYAYA SALDA. Nov 7 (Interfax) - Russia's state arms trader Rosoboronexport has closed the deal to buy a 66% stake in VSMPO-Avisma, Rosoboronexport head Sergei Chemezov told the press on Tuesday.
Asked whether Rosoboronexport plans to increase its stake to 100%, Chemezov said, "this is not required." "A controlling stake - 51% - will suffice. If we have acquired 66%, we'll remain with the 66% stake," he said. Rosoboronexport gets majority on new VSMPO-Avisma board
Shareholders of VSMPO-Avisma Corporation, the world's biggest milled titanium producer, elected at an extraordinary meeting on Tuesday four representatives of state-owned arms exporter Rosoboronexport, the newest majority shareholder, to the board of directors, the company said in a press release.
The board is made up of seven members and Rosoboronexport representatives have received the majority on the board.
The new board includes Rosoboronexport General Director Sergei Chemezov, his deputy Alexei Aleshin, CEO and Deputy General Director of OOO Oboronimpex Mikhail Voevodin, General Director of OOO Gas Technology and Investment and General Director of Oboronimpex Mikhail Shelkov.
VSMPO-Avisma General Director Vladislav Tetyukhin was also elected to the board, along with Vasily Besedin, Avisma technical director and Nikolai Melnikov, general director of planning and production management at VSMPO-Avisma.
General Director of state-owned arms exporter Rosoboronexport Sergei Chemezov was elected chairman of the board of directors of VSMPO- Avisma Corporation on Tuesday, a source close to Rosoboronexport told Interfax. VSMPO-Avisma planning IPO in 2007, despite shareholder change
Russian titanium producer VSMPO-Avisma is planning to carry out an IPO in 2007, despite the fact that the company's majority shareholder has changed, company General Director Vladislav Tetyukhin told journalists on Tuesday.
"The IPO is still part of the company's plans. It will not
place this year. Next year we will seriously think about the
IPO,"Tetyukhin said. "The reevaluation of the company will take place closer to the IPO," he said.
Sergei Chemezov, general director of the company's main shareholder Rosoboronexport, said that during preparations for the IPO the company's board of directors might receive one independent member. He said that this would more than likely be a foreigner. VSMPO-Avisma to exceed production target 2%
Russian titanium concern VSMPO-Avisma (RTS: VSMO) plans to exceed its production target 2% in 2006, company General Director Vladislav Tetyukhin told journalists on Tuesday.
He said that this year the company plans to produce 23,500 tonnes of titanium and titanium products, instead of the 23,000 tonnes planned earlier.
The company plans to produce 27,000 tonnes of titanium and titanium products in 2007.
Copyright 2006 Interfax News Agency. Source: Financial Times Information Limited.
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