Japanese carmaker Nissan, part of the alliance with French Renault, will decide on buying shares in Russia's largest car producer AvtoVAZ in the coming months, Igor Komarov, AvtoVAZ head, said on Tuesday.
Komarov told state-run Rossiya 24 TV channel that in July AvtoVAZ signed an agreement on an additional share issue intended to be sold via a closed subscription in the next two years to allow the Russian car giant to capitalize the larger part of its debt and practically turn into an enterprise without a debt burden, Komarov said.
"The alliance of Renault and Nissan will make a significant contribution. Renault will maintain its 25% stake and contribute almost 240 million euros at this stage. Moreover, I would like to say we are currently cooperating with our Japanese partner Nissan. I hope it will have its say in the next few months, including on the issue of its participation in the share capital (of AvtoVAZ)," Komarov said.
Sergei Chemezov, head of state-owned hi-tech corporation Rostekhnologii, earlier said that Nissan was considering a share swap with AvtoVAZ.
Currently, Renault owns 25% plus one share in AvtoVAZ. The same amount of shares is held by Troika Dialog and Rostekhnologii.
Russian Prime Minister Vladimir Putin said in June that Renault might raise its stake in AvtoVAZ in exchange for the French government share in Renault.
In September, AvtoVAZ shareholders decided to issue shares worth 17.47 billion rubles ($573.87 mln). The shares will be distributed among the company's current owners, French carmaker Renault, Rostekhnologii and Troika Dialog, at 40.24 rubles per share.
MOSCOW, October 19 (RIA Novosti)
