Russia's tire producer issues shares

The Amtel company, Russia's major tire manufacture, has sold 10 percent of its shares in private placement to institutional investors from Europe, the USA and Russia, the press service of the Troika Dialog group of companies, which acted as the excusive underwriter of the issue, reported. In total, some $34.2m were issued in 450,000 shares per $76. As such, the market capitalization of the company amounts to $342m. The company started issuing its shares on September 27, 2004.