British SV Motors bought 64.68% of LuAZ

Economy · 12:32 07.02.2005

Company SV Motors Ltd. (Great Britain) bought 64.68% of the shares of the Lutsk Automobile Plant (Volyn region). This is reported by "Ukrainian News" with reference to an informed source.

The details of the deal are not provided.

Recall that in December 2004 the Antimonopoly Committee allowed SV Motors to buy more than 50% of LuAZ shares. In January 2005 the Cabinet of Ministers allowed LuAZ to invest 1,833.7 million hryvnias in production until 2009; one of the investors is the company SV Motors Ltd. According to the AMCU, the company SV Motors Ltd is engaged in investment activity and had not previously operated on the Ukrainian market.

According to the Agency for Infrastructure Development of the Stock Market as of May 2004, 64.7% of the plant's shares belonged to LuAZ, 16% - to the company "Ukrainian Automobile Holding".

The Lutsk Automobile Plant specializes in the assembly of VAZ and UAZ cars, as well as the production of LuAZ off-road vehicles. LuAZ ended 2003 with a net profit of 10.425 million hryvnias, increasing net income 21.8 times to 286.965 million hryvnias.

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British SV Motors bought 64.68% of LuAZ

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