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Price Waterhouse to audit Russia's Kamaz before IPO

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MOSCOW, August 30 (RIA Novosti) - Kamaz [RTS: KMAZ] said Wednesday it reached a three-year agreement with Price Waterhouse Coopers to provide consulting and auditing services to the country's leading truck maker,

"The agreement is intended to improve the transparency of Kamaz and its appeal to foreign investors ahead of an initial public offering (IPO)," the company said in a statement.

Kamaz, in which the government has a 34% stake, announced earlier it was planning an IPO for mid-2007.

The Kamaz Group, which comprises 110 enterprises, posted a 2005 net profit of $4.8 million, a 321% jump from 2004, with sales profits rising 9.31%, to $122 million, on increased exports in the reporting period.

A company business plan set a $18.7-mln net profit figure as a target for 2006 as a whole, but it was exceeded by $1.4 million by the end of July.

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