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LuAZ To Increase Charter Fund By 78% To USD 157 Mn

LuAZ To Increase Charter Fund By 78% To USD 157 Mn

24 March 2008

The decision was made at a shareholders? meeting on 18 March. This increase is part of the company?s investment program, amended in January 2005. A total of 2,592 shares at USD 0.047 par will be issued. The subscription is planned on 15 May to 15 June. The company will also issue bonds for USD 24.5 mn after the emission is registered by State Commission on Securities and the Stock Market. Concorde Capital: The additional funds will support a nearly two fold increase in output by 2008, according to the company?s investment program. LuAZ?s plans may be breached to some extent, as the amendments to the 2005 budget law threaten to cancel the company?s VAT and import tariff privileges.

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