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AIG-Interros Russia Century Fund buys 10% stake in Incom-Auto

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MOSCOW, February 12 (RIA Novosti) - AIG-Interros Russia Century Fund, a private equity fund focusing on investment in Russia, will buy a 10% stake in the auto dealer Incom-Auto, the company said Monday.

Incom-Auto, one of Russia's largest auto dealers, intends to channel proceeds from the sale of 10% of its shares to develop its sales network by acquiring and building dealerships in the cities of Togliatti in the Volga Area, Ryazan and Lipetsk in Central Russia, Perm in the Urals and Kaliningrad in the country's west in 2007-2008, the auto dealer said.

Financial Corporation UralSib is the financial adviser to the deal, whose sum has not been disclosed, the auto dealer said.

Incom-Auto is the dealer for 12 car producers, with 19 auto centers located in Moscow, St. Petersburg and Saratov. Its earnings climbed 50%, year-on-year, in 2006, to $580 million, with car sales growing 20% last year to 45,000 vehicles.

AIG-Interros Russia Century Fund was established by the international financial corporation AIG and the Russian holding company Interros.

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