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GAZ shareholders approve charter capital enlargement

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MOSCOW, August 3 (RIA Novosti) - GAZ [RTS: GAZA], a Russian automaker, said Thursday it had decided to increase its charter capital 42.5% to 20.79 million rubles (about $770,000).

The shareholders of the auto maker, based in the central Russian city of Nizhny Novgorod, held an extraordinary meeting Thursday to increase the charter capital by placing 6.2 million additional ordinary shares with a face value of 1 ruble each via public subscription.

GAZ, which was established in 2005 after RusPromAvto restructured its production assets, currently has a charter capital 14.59 million rubles (about $540,000).

GAZ supplies vehicles to 29 countries in the former Soviet Union, eastern Europe, Southeast Asia, Africa, Latin America and the Middle East. GAZ produces about 200,000 vehicles a year.

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