MOSCOW, March 2 (RIA Novosti) - Russia's Federal Property Fund said Friday it will soon hold an auction to sell 1.47% stake in the country's leading automaker, AvtoVAZ.
More than 50% of AvtoVAZ [RTS: AVAZ] shares are currently owned by the company's subsidiaries.
The initial offer price for the bloc of shares is 791.02 million rubles ($30.3 million) with subsequent bidding increments of 5 million rubles (about $191,000) each.
Last year, AvtoVAZ, based in the Volga region city of Tolyatti, said exports increased by 10.7% compared to the previous year, and the company planned an increase in exports to over 200,000 cars and assembly sets in 2007, compared with 186,000 in 2006.
