Source Pravda.Ru

New Commonwealth Holding Consolidated 51% Of Rostselmash Stock

The New Commonwealth holding has completed consolidation of Rostselmash stocks and now owns a little more than 51% of the company shares. The holding kept purchasing the stock of the works on the under-the-counter market in 2001. "Obtaining the controlling stake is not an end in itself for us, but it will make observance of our investor rights more guaranteed", the vice president of New Commonwealth Konstantin Babkin said regarding the event. The holding invested in Rostselmash over RUR1.2bn. and is currently developing a full-scale investment program to update equipment and realize a series launch of a principally new model - combine harvester "Don-091", according to the holding's public relations department. We remind everyone that Rostselmash charter capital is 1,281,437 shares (961,078 common shares and 320,359 preferred shares) with a nominal value of RUR1.0. The New Commonwealth became a member of the Rostselmash Board of Directors in January 2001. The company manufactured 6,025 combine harvesters in 2001.

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