AKO BARSS Group CJSC has sold control stock of Vyborg Shipyard OJSC to a group of natural persons
The structure of the Authorized capital of Vyborg Shipyard OJSC changed on September 15. According to the company’s press release, AKO BARSS Group CJSC - the holder of the shipyard’s control stock (75.6%) - assigned part of its share to a group of investors – natural persons. Complete restructuring of the Authorized capital should be finalized before the end of April, 2007.
Main reason of the bargain according to the press release is to attract foreign investments to the capital of Vyborg Shipyard OJSC for stabilization of the company’s financial situation, replenishment of current assets, radical modernization of production, development of facilities, development of the backlog of orders basing on specialization in offshore shipbuilding.
Last period of Vyborg Shipyard’s activities starting from 2000 has been dedicated to the development of new marine equipment for exploration and production of hydrocarbon material at continental shelf, specialized icebreaking and tow vessels and tankers for transportation of crude oil and oil products. The products manufactured were mainly exported having met the highest requirements as regards quality performance. Commercial sales of the company’s product will be over 2.2 billion rubles in 2006. No significant changes are planned for the management staff of the shipyard before 2006. Extra meeting of the company’s shareholders has been scheduled for December 15, 2006.