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  Wednesday, October 16, 2019
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Kamaz truck maker will be privatized by selling a 34.4% stake in the third quarter of 2008
Kamaz truck maker [RTS: KMAZ] will be privatized by selling a 34.4% stake in the third quarter of 2008, Russia's economic development and trade minister said Wednesday. German Gref said the state will retain a controlling stake (25% plus one share) in Russia's leading truck manufacturer. "We have agreed on the third quarter of 2008. The final size of the stake will be determined in the lead-up to the placement. We agreed that the state's interest will be no less than 25.0% plus one share," he said, adding he did not know whether the placement will be held at home or abroad. Kamaz, based in the Volga Republic of Tatarstan, sold 32,300 trucks on the Russian market in 2006, or 35.7% more than in 2005, and 11,044 vehicles abroad, up 29.7%. Kamaz, which was founded in 1976, and whose heavy-duty trucks have won the Paris-Dakar rally on several occasions, is majority-owned by the State Property Committee (34.01%). The company produces more than 30 models of trucks, as well as trailers, buses, tractors, and spare parts. It also manufactures engines, power units, and components. The truck maker controlled 36% of the Russian market in 2005. It has assembly plants in Poland, Kazakhstan, Azerbaijan, Ethiopia, Vietnam, and Ukraine.
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