Source Pravda.Ru

United Heavy Machinery's purchase of Volgograd shipbuilding yard accomplished

The holding United Heavy Machinery has completed the deal on purchasing a controlling stake in the Volgograd shipbuilding yard, the press service of the holding told RBC. The holding is planning to construct river-sea class vessels and elements of drilling platforms at the shipbuilding yard.

By the end of 2003 the Volgograd shipbuilding yard is to build four river-sea tankers for LUKoil Arctic Tanker worth $40m. In 2002 the plant's revenues were 1.27bn rubles ($41m).

Shares of the holding United Heavy Machinery are traded on Russian and foreign stock exchanges. Its charter capital is 3.81m rubles ($123,000) and it is divided into 35.35m common shares and 2.75m preferred shares with a par value of RUR0.1. Some 48 percent of shares in the holding belong to foreign companies, 12 percent to Russian companies and 35 percent to the holding's management.

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