The JV of Rostec and Renault has become the sole shareholder of AVTOVAZ

The JV of Rostec and Renault has become the sole shareholder of AVTOVAZ

 

RNS.- Alliance Rostec Auto, which is a joint venture of Renault and the state enterprise Rostec, has become the sole shareholder of Avtovaz, according to company documents.

As of 31 December, Alliance Rostec Auto owns 100% of Avtovaz shares. The share of the alliance was 96.64% at the end of September, as reported earlier.

The joint venture has risen its share in Avtovaz from 83.53% to 96.64% at the end of September, through the purchase of minority shareholder acquisitions. As stated by the representative of Avtovaz Board of Directors: Sergei Skvortsov, the consolidation of 100% of the shares of the car plant will simplify and speed up the corporate decision making process within the framework of the development programme and the modernisation of the enterprise.

Alliance Rostec Auto has announced the mandatory buyout of securities of the minority shareholders of the car plant on October 15. As stated previously, the joint venture plans to carry out the delisting of Avtovaz sales during the first half of 2019.