The Russian government does not plan to sell its 34% stake in the country’s largest heavy truck manufacturer Kamaz this year, but the truck builder may make an initial public offering (IPO) thus diluting the government’s stake, deputy economic development and trade minister Kirill Androsov told Prime-Tass.
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Kamaz has not decided yet whether to make an IPO in Russia or abroad, Androsov said.
State-controlled bank Vneshtorgbank nominally holds 6.23% in Kamaz, while Depositary Clearing Company nominally holds 31.02% and ING Bank Eurasia nominally holds 17.26%.
Kamaz’ built 28,515 trucks in 2004, up from 23,714 trucks in 2003 and controls the Neftekamsk auto plant, located in the constituent republic of Bashkortostan, Avtopritsep-Kamaz, based in Stavropol, and several other subsidiaries, all making up the Kamaz Group.
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