AvtoKrAZ To Challenge Luhanskteplovoz Privatization

AvtoKrAZ (KRAZ: HOLD) has announced plans to challenge the State Property Fund’s (SPF) privatization of Luhanskteplovoz (LTPL: HOLD) in court. KRAZ was not invited to participate in the tender. LTPL was sold to Braynsk Heavy Machinery, part of Russia’s Transmashholding on Friday for USD 59.9 mln following a late-night ruling overturning the ban on the company’s privatization. Only four companies were present at the privatization: Bryansk Heavy Machinery, Demikhovski Machine Building (also part of Transmashholding), Dniprovagonmash and Privat Groups’s Marganets Iron Ore. Of those only the companies connected to Transmashholding were allowed to participate.