AvtoVAZ plans ADR issue

Russia's leading car producer AvtoVAZ is considering the possibility of issuing American Depository Receipts (ADRs) in the amount of 5 percent of its authorized capital, AvtoVAZ Vice President for corporate governance Mikhail Moskalev announced at a press conference today. The press conference was held within the 7th Moscow international exhibition 'Motor Show 2002'. In addition, Moskalev reported that AvtoVAZ was going to raise its capitalization. As of now, the company's capitalization is about $1bn and its capital assets reach $3bn. The AvtoVAZ Vice President noted that the company would try to bring these figures to the same level, as it was common in international practice.

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