AVTOVAZ Board has approved the contract of loan signed with NISSAN

AVTOVAZ Board has approved the contract of loan signed with NISSAN

Vedomosti – AVTOVAZ Board of Directors has approved the two loan agreements signed with the Russia representative of Nissan Manufacturing Rus.

It has been stated in the Board resolution that the Board member Carlos Gohn is also the Chairman of Nissan Motor Co. and Nissan Motor Co. is the holder of the entire shares of Nissan Manufacturing Rus and the participant of Renault s.a.s company, who holds 20% of AVTOVAZ shares, at the same time. Independent directors, without any expectations of benefit from the aforementioned agreements, have also participated in the voting process.

As one may remember, it was announced in July 2012 that AVTOVAZ had borrowed a loan of €53.07 million from Renault.