print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all OMZ press releases

OMZ

March 11, 2004

OMZ (Uralmash-Izhora Group) and Power Machines announce a cross purchase of shares within the framework of the pending merger

On March 11, 2004 OMZ (Uralmash-Izhora Group) and Power Machines announced a cross purchase of shares between the companies. These acquisitions are a step further in the integration process that would eventually lead to the official merger of the two companies at the end of this year. The merger will be effected though an exchange of shares of Power Machines for shares of OMZ whereby the shareholders of Power Machines will receive 50% of the shares of the combined entity and 100% of the shares of Power Machines will be transferred to OMZ. OMZ’s shareholders approved an additional issue of common shares at the February 27 EGM and OMZ’s Board of Directors is expected to approve the share prospectus by the end of the week.

The cross holding of shares of the two companies involves the ownership of 11% of shares in Power Machines by OMZ and 14% of shares in OMZ by Power Machines. OMZ acquired the holding from companies representing the interests of the majority shareholder of Power Machines, Interros, and their partners, while Power Machines purchased the OMZ shares from a portfolio investor. The share of OMZ’s CEO, Mr. Kakha Bendookidze, remains unchanged at 25.93%.

For further information please contact Marina Nacheva, Head of Investor Relations, on (++7095) 974 6021 or by e-mail at mnacheva@omz.ru

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer