22 Dec 2010 16:39

Sibur - Russian Tires more than doubles charter capital

MOSCOW. Dec 22 (Interfax) - Russia's Federal Financial Markets Service (FFMS) has registered the report on the results of a share issue by OJSC Sibur - Russian Tires totaling 6 billion rubles, which effectively doubled the company's charter capital, the FFMS said in a statement.

Prior to placement, the company's charter capital was 6.439 billion shares with par value of one ruble.

The additional issue, placed in closed subscription, comprises 6 billion shares with par value of one ruble. The issue has been assigned state registration number 1-01-55279-E-002D.

Until the placement , 100% of the stock in Sibur - Russian Tires belonged to OJSC TAIR Invest, part of the Sibur group.

It was reported earlier that there were plans to set up a unified company around Sibur - Russian Tires and OJSC Nizhnekamskshina . The plan was to set up a Cyprus-based Zartel Limited, which would own 100% of the Sibur - Russian Tires stock and 73.5% of Nizhnekamskshina shares. In the run-up to the deal, TAIR Invest was to transfer all the Sibur - Russian Tires shares to Sibur Finance. Later it was reported that the Sibur tire-making assets might become part of a Pirelli/Russian Technologies joint venture.